High Street Chain Goes Into Administration

High street shoe retailer Barratts Shoes has gone into administration. The store-chain that operates in Ireland and the UK is putting more than 1000 jobs at risk as it goes into administration just before Christmas. The company has 15 stores nationwide in Ireland as well as 14 shops Northern Ireland. It operates 75 stores and 23 concessions across the UK and Ireland. "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 administators," a spokesperson for Barratts said. According to a statement, an investor pulled out of a plan to inject £5m into the company. This is the third time in four years that the company has gone into administration, according to RTÉ. "At this stage redundancies and/or store closures cannot be ruled out" said the administrators. Financial advisory and investment banking firm Duff & Phelps were appointed as administrators last Friday.