DELOITTE ADMINISTRATORS have sold collapsed retailer Barratts Priceless to its existing management team.
Daniel Butters, Neville Kahn and Adrian Berry, partners at Deloitte, were appointed joint-administrators of Barratts Priceless, which at the time if its collapse employed 3,840 staff.
Unfortunately about 2,656 jobs were made redundant following the collapse of the shoe retailer.
However, the administrators have managed to salvage 1,184 with the sale of 89 stores.
Butters, said: “We are delighted to have negotiated a deal, which will secure the employment of over 1,100 employees and ensure the Barratts and Priceless brands continue, especially given the adversity which has beset the high street over recent months.”
About 39 stores and 14 concessions were closed.
This is the second administration for the firm in three years. In 2009 Kahn, Butters and Lee Manning were appointed joint administrators. They managed to sell most of the stores to the Ziff family saving about 4,000 out of around 5,500 jobs.
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Peter Saville, Ryan Grant and Anne O’Keefe of AlixPartners will now become the supervisors of the CVA and monitor the implementation of the proposal