The fate of three West Midlands Brantano stores and dozens of jobs still hangs in the balance after a rescue deal was struck for the beleaguered footwear retailer.

Administrators from PwC, appointed to handle the affairs of the high street name last month, have sold 140 stores and concessions to a company controlled Alteri Investors - a London-based firm which specialises in distressed retailers.

The deal, which includes Brantano's shops in Yardley, Oldbury and Cannock, has preserved 1,372 jobs but 58 stores and concessions were not included in the acquisition.

That list includes the chain's outlet at The Fort shopping park in Castle Bromwich and branches in Walsall and Tamworth.

Tony Barrell, Mike Jervis and Rob Hunt were appointed as joint administrators of Brantano (UK) on January 21 after the group battled what Mr Barrell called "the continuing challenging conditions for 'bricks and mortar' retail stores".

In a statement issued today, PwC said the administrators had continued to trade the business following their appointment while undertaking a sales process among interested parties.

It added that the remaining 58 stores and concessions not included in the Alteri Investors deal would continue to be traded by administrators as they carried on speaking to interested parties.

Robert Moran, deals partner at PwC who is leading the sale process, said: "From discussions held over the last few weeks, there was interest from a number of parties, both trade and private equity, for the Brantano business.

"Of this interest, the offer from Alteri represents the best outcome for creditors and employees.

"We are delighted that 1,372 jobs have been preserved through the transaction and thank the Brantano team for working closely and collaboratively with us throughout what has been a difficult period for the business."

Mr Barrell added: "We continue to trade the remaining Brantano business while discussions with interested parties continue.

"Unfortunately, in the event further sales are not possible, redundancies will become inevitable.

"We are working closely with Brantano employees and offering every support possible through this difficult period."