Buyer being sought to save shoe chain from going under
The British company behind the Barratts Shoes retail chain has gone into administration, a form of bankruptcy protection, and a buyer is now being sought to save the business.
Barratts Shoes has 15 stores and up to 150 staff in the Republic, and a slightly smaller number of outlets in the North.
The entire chain consists of 75 shops and 23 concessions and employs 1,035 staff across the UK and Ireland.
All stores here and in the UK are trading as normal. The plan is to try to find a buyer, but store closures and redundancies cannot be ruled out, the administrators said in a statement.
It is the third time Barratts has gone into administration in four years.
Administration in the UK works like examinership here, giving a company a chance to trade through its financial difficulties.
Joint administrators Philip Duffy and David Whitehouse of Duff & Phelps were appointed to take control of the business on November 8.
"The company had recently received an offer from an investor to inject £5m (€5.9m), but that offer was withdrawn on the evening of November 8," the joint administrators said in a statement.
Barratts last went through an administration process just under two years ago.
The business was bought by its management at the start of 2012 having slimmed down from 191 stores and 371 concessions to the current size.