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19/02/2009
2,500 Jobs To Be Axed As Shoe Chain Closes
Around 2,500 jobs are being axed, after it was announced the parent company of high street shoe chains PriceLess and Barratts has been placed in administration.
Bradford-based Stylo appointed Deloitte after they failed to find a buyer for the two chains.
The administrators confirmed 220 stores would be forced into closure, but it has secured the sale of 160 shops and 165 concessions in a move expected to protect 3,000 positions.
The deal has been struck with Stylo's existing management team, led by its chairman Michael Ziff.
Neville Kahn, Joint Administrator at Deloitte, said: "Given the difficult trading environment, we are pleased to have achieved a deal which will save 160 Stylo stores and 165 concession outlets across the UK and Ireland, thereby safeguarding 3,000 jobs."
He also said that "short term financial difficulties and the long-term sector outlook" meant the remaining stores had to be close.
"The store portfolio was deemed to be too large, and unable to generate sufficient profits to cover its cost base," he added.
Barratts and PriceLess were put into administration on 26 January and the parent company Stylo - a family-run business - followed on 17 February.
It was originally founded in 1935 and its headquarters are in Bradford.
(JM/BMcC)
Bradford-based Stylo appointed Deloitte after they failed to find a buyer for the two chains.
The administrators confirmed 220 stores would be forced into closure, but it has secured the sale of 160 shops and 165 concessions in a move expected to protect 3,000 positions.
The deal has been struck with Stylo's existing management team, led by its chairman Michael Ziff.
Neville Kahn, Joint Administrator at Deloitte, said: "Given the difficult trading environment, we are pleased to have achieved a deal which will save 160 Stylo stores and 165 concession outlets across the UK and Ireland, thereby safeguarding 3,000 jobs."
He also said that "short term financial difficulties and the long-term sector outlook" meant the remaining stores had to be close.
"The store portfolio was deemed to be too large, and unable to generate sufficient profits to cover its cost base," he added.
Barratts and PriceLess were put into administration on 26 January and the parent company Stylo - a family-run business - followed on 17 February.
It was originally founded in 1935 and its headquarters are in Bradford.
(JM/BMcC)
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