Budget shoe store chain with shop in Waterlooville goes into administration
A SHOE store chain that employs more than 1,000 people has been placed into administration.
Brantano, which has a store at Wellington Retail Park, in Waterlooville, will continue to trade as normal over the next few days while the business is assessed, but administrators say that redundancies are inevitable.
Tony Barrell, of PwC who was appointed joint administrator with Mike Jervis, said: ‘Despite significant improvements in the business and reductions in the cost base, trading has continued to suffer in a depressed and competitive footwear market. Like many other retailers, Brantano has also been hit hard by the sharp decline in sterling, the ongoing shift in consumer shopping habits and the evolution of the UK retail environment.
‘The administrators are continuing to trade the business as normal while assessing the trading strategy and any interest in parts of the business over the coming days and weeks. However, regrettably, it is inevitable that there will be redundancies.’
The company has 73 stores and 64 concessions in the UK and employs 1,086 staff.