Redundancies 'inevitable' as shoe retailer Brantano goes into administration
Struggling footwear chain Brantano - which has stores across Derbyshire and Nottinghamshire - has been placed into administration.
The budget retailer operates 73 stores and 64 concessions across the UK, employing over 1,000 staff, and includes locations in Glossop, Ilkeston, Heanor, Mansfield and Bulwell.
Brantano Retail Limited, which was acquired by a company controlled by Alteri Investors in February 2016, has experienced difficult trading conditions, despite sustained efforts and streamlining to make the business more commercially viable, according to a spokesman for PricewaterhouseCoopers.
After attempts to sell the Leicestershire-based company failed, despite generating interest, a decision was taken this week to place it into administration.
Tony Barrell, lead administrator at PricewaterhouseCoopers, said: “Despite significant improvements in the business and reductions in the cost base, trading has continued to suffer in a depressed and competitive footwear market.
"Like many other retailers, Brantano has also been hit hard by the sharp decline in sterling, the ongoing shift in consumer shopping habits and the evolution of the UK retail environment.
“The administrators are continuing to trade the business as normal whilst assessing the trading strategy and any interest in parts of the business over the coming days and weeks.
"However, regrettably, it is inevitable that there will be redundancies. Staff will be paid their arrears of wages and salaries, and will continue to be paid for their work while the business is in administration.”