Footwear retailer Barratts has appointed Duff & Phelps as administrator.
Duff & Phelps was appointed on Friday afternoon. It is seeking to sell the business as a going concern but said it could not rule out redundancies and store closures.
Barratts operates from 75 stores and 23 concessions across the UK and Ireland.
Duff & Phelps partner Philip Duffy said: “Difficult trading conditions in the sector led the directors to explore potential refinancing options and additional equity for the business.
“The company had recently received an offer from an investor to inject £5m to the company but that offer was withdrawn on the evening of November 7. 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.”
Barratts last called in administrators less than two years ago when it was bought by owner Michael Ziff.