Beleaguered Barrett’s owner Stylo has thrown in the towel and called in the administrators after its bid to agree a restructuring plan with creditors failed.
The group, which also owns Priceless Shoes, has already closed 150 of its 400 stores. The company employs 5,400 staff. It is understood the landlord creditors were reluctant to back the plan for fear for setting a precedent for other retailers looking for a risk free way to exit unprofitable outlets.
The group attempted to move its Barratt’s chain upmarket via rebranding exercise last year, for which it appointed Dalziel & Pow, who also created a new store interior for the retailer. The latest bad news is a latest in a long decline for the group, which presided over the demise of Shelly’s and early last year bought Dolcis out of administration.
High street shoe retailers have suffered from increased competition from new online and offline rivals, particularly chains offering cheaper alternatives, as well as from increasing supermarket expansion into non-food ranges.