Barratts shoe chain in administration
Barratts shoe stores in the Manchester Arndale and Macclesfield are among those threatened with closure after the footwear retailer fell into administration.
Administrators from Duff & Phelps were appointed following the withdrawal of a £5m investment offer. Difficult trading conditions had led directors to explore potential refinancing options and additional equity for the business.
Barratts operates from 75 stores and 23 concessions across the UK and Ireland. It employs 1,035 people, 521 of them part-time.
Philip Duffy, a partner with Duff & Phelps, said: "Difficult trading conditions in the sector led the directors to explore potential refinancing options and additional equity for the business. The company had recently received an offer from an investor to inject £5million into the Company but that offer was withdrawn on the evening of 7 November. In view of the financial position of the company and withdrawal of that equity offer, the directors were left with no choice but to appoint administrators."
A spokesman said redundancies and store closures cannot be ruled out.