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Barratts Shoes calls in administrators, 1,035 jobs at risk

Barratts Shoes calls in administrators, 1,035 jobs at risk Barratts Shoes appoints Duff & Phelps as administrators, while collapse of Blockbuster also confirmed Barratts has 75 stores and 24 concessions in the UK   By Graham Ruddick , Retail Correspondent

6:39PM GMT 11 Nov 2013


timberland More than 3,000 retail jobs are on the line after Barratts, the shoe retailer, and Blockbuster, the DVD rental chain, called in administrators.

timberland shoes outlet The collapse of the two companies shows that the high street remains under pressure despite an uptick in the British economy.

timberland boot outlet However, both businesses have been battling for survival since the collapse of Lehman Brothers in 2008 months. It is the third time since the onset of the financial crisis that Barratts has entered insolvency proceedings, while Blockbuster initially collapsed in January.

cheap timberland boots Barratts Shoes has appointed Duff & Phelps as administrators amid a drop in sales and the failure to secure a rescue cash injection. The company, run by Michael Ziff, has 75 stores and 23 concessions across the UK and Ireland. It employs 1,035 staff, half of who are part-time.

timberland boot outlet Philip Duffy, partner at Duff & Phelps, said: “Difficult trading conditions in the sector led the directors to explore potential refinancing options and additional equity for the business.

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“The company had recently received an offer from an investor to inject £5m into the company but that offer was withdrawn on the evening of the November 7.

“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.”

Meanwhile, Moorfields Corporate Recovery has been confirmed as the administrator to DVD rental retailer Blockbuster.

Blockbuster has 264 stores and roughly 2,000 employees. Its private equity owners Gordon Brothers Europe, who only bought the business out of administration in March, warned last month that the company was heading for administration.

Simon Thomas, joint administrator, said that a collection of parties are “interested in parts of the business”. Supermarket groups including Morrisons are thought to be examining Blockbuster’s sites with a view to converting them into convenience stores.

Mr Thomas said: “This is obviously a difficult and upsetting time for everyone involved at Blockbuster, in particular employees who have endured a stressful period since January this year.

“We appreciate that staff and customers will want a speedy resolution, however, we must ask people to be patient over the coming weeks.

“We are pleased to say that there are parties who are interested in parts of the business. Our focus will be to secure a future for as much of the business as possible as well as trying to save jobs before Christmas.

“We remain committed to being open and transparent during the intervening weeks, and will ensure that all stakeholders, in particular employees, are kept regularly updated about developments.”

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