Two British footwear chains enter administration
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Two British footwear chains have entered administration, a form of company liquidation in the United Kingdom. Both Barratts and PriceLess are owned by parent company Stylo. Stylo has not entered administration itself but shares have been suspended. The chains have a joint workforce of around 5,450 employees and operate 400 stores around the United Kingdom. In February Stylo purchased 24 stores from shoe retailer Dolcis after it had gone bust. A spokesman for Stylo said that they did not anticipate any short-term improvement in trading condi
Two British footwear chains have entered administration, a form of company liquidation in the United Kingdom. Both Barratts and PriceLess are owned by parent company Stylo. Stylo has not entered administration itself but shares have been suspended.
The chains have a joint workforce of around 5,450 employees and operate 400 stores around the United Kingdom. In February Stylo purchased 24 stores from shoe retailer Dolcis after it had gone bust.
A spokesman for Stylo said that they did not anticipate any short-term improvement in trading conditions. It was also mentioned that the company had the support of the Lloyds Group and Barclays Bank. No stores are yet planned to close.
Other companies that have entered administration due to the financial crisis include MFI, Rosebys, Whittard of Chelsea, and Zavvi.
Sources & reporting note
Licensed archive reporting by Wikinews contributors. Text: CC BY 2.5 (https://creativecommons.org/licenses/by/2.5/). Original source date retained. 411 has not independently verified this archive report.
Read the source: Wikinews ↗Source published 27 Jan 2009, 05:30 am IST
