PWC ADMINISTRATORS are currently running discount shoe retailer Branato, just three months after it was snapped up by investors.
The 140-strong chain of shops – and its website – will continue to trade as normal for the immediate future, putting a temporary stay of execution on the jobs of 2,000 employees.
The Leicestershire-based firm, which also operates around 60 concessions nationwide, was bought by turnaround specialists Alteri Investors in October.
However, “difficult trading conditions” led to it going into administration “despite sustained efforts to make the business more commercially viable”.
PwC’s lead administrator, Tony 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.”
Christmas trading is believed to have fallen significantly below expectations while the bricks and mortar estate has hit by the nation’s seemingly unstoppable love affair with online shopping.
Partners at the insolvency firm Craig Povey and Kevin Murphy were appointed liquidators on 2 February
Fraser Nicol joins the firm from EY, bringing experience in cyber security, data analytics and business technology
Rowan Williams will be responsible for growing the firm’s presence in the Gatwick Diamond and across the south east
Kevin Humphreys joins the insolvency and restructuring firm from the National Crime Agency (NCA) Economic Crime Command