Former retail giant Barratts Shoes – which is now absent from Birmingham’s streets after previously having dozens of stores in the region – has fallen into administration.
Duff & Phelps has been appointed administrator of the firm, which now only has one West Midlands store at Merry Hill, after directors failed in a bid to refinance.
Philip Duffy and David Whitehouse were appointed administrators on November 8 and are currently reviewing the business but said at this stage redundancies and store closures cannot be ruled out.
Mr Duffy, Duff & Phelps partner, said while he was seeking a going concern sale of the business it was too early to know any great detail.
He said: “Difficult trading conditions in the sector led the directors to explore potential refinancing options and additional equity for the business.
“The company had recently received an offer from an investor to inject £5 million into the company but that offer was withdrawn on the evening of November 7.
“In view of the financial position of the company and withdrawal of that equity offer the directors were left with no choice but to appoint administrators.”
The company operates from 75 stores and 23 concessions across the UK and Ireland employing 1,035, of which 521 are part time. Interested parties should contact Duff & Phelps directly.