Barratts Shoes enters administration

<p>Barratts Shoes has confirmed it has gone into administration.</p>

Jobs are expected to be lost after Barratts Shoes confirmed it has entered administration.

More than 1,000 positions in the UK and Ireland could be threatened by the move, which is the third time in recent years Barratts has gone into administration.

"At this stage redundancies and/or store closures cannot be ruled out," the firm said in a statement, adding Duff & Phelps has been appointed as the company's administrator.

Philip Duffy, Duff & Phelps partner, explained "difficult" trading conditions is among the reasons for the firm's latest failure.

He 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."

Recent research by R3 revealed that as many as a third of UK high street retailers were at risk of going out of business when their next rent payments were due.

Liz Bingham, president of R3, explained retailers have had a "tougher" time since the recession than companies in many other sectors.

Find up to date information on the FTSE 100 and spread betting strategies at City Index

Build your confidence risk free
Join our live webinars for the latest analysis and trading ideas. Register now

StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.