Head Office redundancies announced following the Administration of shoe retailer Brantano
34 head office jobs have today been cut as administrators from PricewaterhouseCoopers (PwC) continue to trade the ailing retailer whilst trying to find a buyer.
Based in Hinckley, Leicestershire, the chain has 73 stores and 64 concessions across the UK and employs 1,086 staff. Founded in Belgium in 1953 it expanded into the UK by buying 47 Shoe City shops in 1998.
Throughout early March the company’s private equity owner, Alteri, had been attempting to sell Brantano and another footwear chain, Jones Bootmaker, which it bought along with its sister retailer for about £12m in February 2015.
This is the second time Brantano has entered administration. In 2016, Alteri placed the company into administration, before buying it back.
Tony Barrell of PwC, who was appointed as lead administrator to Brantano, 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 alsobeen hit hard by the sharp decline in sterling, the ongoing shift in consumer shopping habits and the evolution of the UK retail environment.”
He said Brantano would continue to trade as normal while administrators assess its strategy and interest in parts of the business. But Barrell said: “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.”
Global Corporate Ltd, having already been contacted by at least one party with an interest in Brantano and its’ administration, are providing specialist advice and will be monitoring the situation closely. We are perfectly placed to assist either Creditors or Office-Holders in this specialist area; having had previous experience in the multi-site retail administrations of both PowerHouse (which was the UK’s third largest electrical retailer) and Klaussner Furniture.