Barratts Shoes enters administration

Deloitte administrators have been appointed to Barratts Shoes and Priceless
Shoes, the trading subsidiaries of Bradford-based Stylo plc.

The brands employ nearly 5,500 staff, and stores continue to trade.

Joint administrators Daniel Butters, Neville Kahn and Lee Manning are seeking
agreement with creditors to place the companies into a company voluntary
arrangement (CVA).

‘We have been appointed as Administrators to Barratt and Priceless while we
contact all creditors with a proposal to rescue the companies via a series of
CVAs,’ said Butters.

‘Under the CVAs, we will be asking creditors and landlords to contractually
vary their terms of trade in order to give Barratts and Priceless the necessary
breathing space to allow them to deliver value for all stakeholders in the
future.

‘Ultimately, we are giving creditors and landlords a chance to vote on the
future of the companies.’

If a deal is struck then the administrators would supervise the company for a
two year period, during which the company would have to meet its revised
obligations to creditors.

Further reading:

PricewaterhouseCoopers talking to
possible Adams buyers

Clone Zone enters
administration