A deal has been struck to safeguard 89 stores and 1,184 jobs at troubled shoe retailer Barratts Priceless Group.
The existing management team reached the agreement which will result in the closure of 39 stores, 14 concessions and 680 jobs, administrators Deloitte have confirmed.
Barratts chief executive Michael Ziff – who described the last few months as “very challenging” – will now run the company.
Daniel Butters, Neville Kahn and Adrian Berry, partners at Deloitte, were appointed as joint administrators of the group back in December.
At the time Butters blamed the retailer’s difficulties on the warm autumn and tough economic conditions.
And speaking about the sale, Butters said: “We have negotiated a deal which will secure the employment of over 1,100 employees and ensure the Barratts and Priceless brands continue.”
The Bradford-based group – which has recently established concessions in Wallis, Dorothy Perkins and Debenhams – also went into administration in 2009.
Last week, the future of lingerie chain La Senza was secured after international retailer Alshaya swooped to snap it up.
And JD Sports also bought ‘substantially all of the assets’ of outdoor equipment chain Blacks Leisure as part of a £20m deal.
By Andy Pearce