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Shoe retailer Brantano calls in administrators Shoe retailer Brantano calls in administrators
(35 minutes later)
Around 2,000 jobs are at risk after shoe retailer Brantano called in administrators on the back of a tough Christmas on the high street. Around 2,000 jobs are at risk after the shoe retailer Brantano called in administrators on the back of a tough Christmas on the high street.
The retailer, which is owned by private equity firm Alteri, has appointed accountancy firm PwC as administrators. The retailer, which is owned by private equity firm Alteri, has appointed accountancy firm PwC as administrators. Brantano has 140 shops and 60 concessions across the UK, employing roughly 2,000 staff.
Brantano has 140 shops and 60 concessions across the UK, employing roughly 2,000 staff. The collapse of the retailer is the first high-profile failure on the high street of 2016. Retailers suffered a difficult period in the run-up to Christmas, traditionally the most lucrative time of year . Shoppers increasingly shopped online instead of on the high street while warmer than average weather dampened demand for winter clothing.
The collapse of the retailer is the first high-profile failure on the high street of 2016. Retailers suffered a difficult period in the run-up to Christmas, traditionally the most lucrative time of year . Shoppers increasingly shopped online instead of on the high street while warmer-then-average weather dampened demand for winter clothing.
Tony Barrell, lead administrator at PwC, said Brantano had been hit hard by the change in consumer shopping habits.Tony Barrell, lead administrator at PwC, said Brantano had been hit hard by the change in consumer shopping habits.
The collapse of Brantano is likely to raise questions about the role of private equity firm Alteri, which bought the chain just three months ago. Alteri paid an estimated £12m to buy Brantano and Jones Bootmaker in October 2015. The collapse of Brantano is likely to raise questions about the role of private equity firm Alteri, which bought the chain just three months ago. Alteri paid an estimated £12m to buy Brantano and Jones Bootmaker in October 2015. PwC insisted that Alteri had made “sustained efforts” to rescue Brantano.
PwC insisted that Alteri had made “sustained efforts” to rescue Brantano.
The administrators will attempt to sell Brantano and said they will keep its stores open for the moment.The administrators will attempt to sell Brantano and said they will keep its stores open for the moment.
Barrell said: “The continuing challenging conditions for ‘bricks and mortar’ retail stores are well documented. Like many others, Brantano has been hit hard by the change in consumers’ shopping habits and the evolution of the UK retail environment. Barrell said: “The continuing challenging conditions for bricks and mortar retail stores are well documented. Like many others, Brantano has been hit hard by the change in consumers’ shopping habits and the evolution of the UK retail environment.
“The administrators are continuing to trade the businesses as normal whilst we assess the trading strategy over the coming days and weeks. Staff will be paid their arrears of wages and salaries, and will continue to be paid for their work during the administration.”“The administrators are continuing to trade the businesses as normal whilst we assess the trading strategy over the coming days and weeks. Staff will be paid their arrears of wages and salaries, and will continue to be paid for their work during the administration.”