05:01 13 November 2013
High Street shoe chain Barratts and DVD rental chain Blockbuster have both gone into administration. Duff & Phelps, which has been appointed as administration to Barratts, said that it is now reviewing the shoe chain’s financial position as well as considering the prospect of selling the business. Mr Phillip Duffy said:"In view of the financial position of the company and withdrawal of that equity offer the directors were left with no choice but to appoint administrators."
Neil Saunders, managing director at retail consultancy Conlumino, is optimistic about Barratts, which has 75 stores and 23 concessions across the UK and Ireland employing 1,035. He said: "I would be surprised if it disappeared from the High Street altogether. It has a sizeable estate. I expect it to emerge as a much smaller business with fewer stores."
Meanwhile, Moorfields Corporate Recovery has been appointed administrator of TS Operations, which trades as Blockbuster. Just like Barratts, Blockbuster is expected to survive.
"Our focus will be to secure a future for as much of the business as possible as well as trying to save jobs before Christmas," said Simon Thomas, joint administrator at Moorfields.
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