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Shoe stores shut with loss of 2,500 jobs.

Summary: Around 220 Barratts and Priceless shoe stores are to close with the loss of 2,500 jobs.

Around 220 Barratts and Priceless shoe stores are to close with the loss of 2,500 jobs.

However, administrators Deloitte, who were appointed on Tuesday, said it has secured the sale of 160 shops and 165 concessions in a move expected to safeguard 3,000 roles.

The deal has been struck with Bradford-based Stylo's existing management team, led by chairman Michael Ziff.

Stylo had sought a rescue after PriceLess and Barratts were placed in administration on January 26.

Stylo had hoped creditors of PriceLess and Barratts would agree to place it in a company voluntary arrangement (CVA) - a deal which would have given the company breathing space in its debt repayments.

But these plans were rejected, forcing troubled Stylo - founded in 1935 - into administration.

Independent Television News Limited 2009. All rights reserved.

Independent Television News Limited 2009. All rights reserved.

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Publication:Independent Television News Limited (ITN)
Date:Feb 19, 2009
Words:166
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