Retailers were this afternoon served another stark warning of the need to progress or perish when Brantano tumbled into administration.
The value footwear business has toiled for a number of years amid stiff competition from the likes of Schuh and Deichmann – and was only bought out of a pre-pack administration by owners Alteri in February last year.
But having failed to play catch up with such thriving competitors, administrators PwC were drafted in today, leaving more than 1,100 jobs hanging in the balance.
While Brantano’s administration has been confirmed, the future of its sister retailer Jones Bootmaker remains unknown.
Like Brantano, Jones was put up for sale by Alteri and it is understood that there are “a number of interested parties.”
But a second administration looms large on the horizon, with its fate poised to be decided within the next few days.
One retailer on a much more upward trajectory is Kingfisher, owner of B&Q and Screwfix, which revealed today more detail behind its plans to retain its DIY crown after posting an 8.3% jump in adjusted pre-tax profit for its full year.
And we also revealed that Tofs boss Tony Page has stepped down, with former New Look boss Alistair McGeorge – its current non-executive chairman – taking the reins.
Quote of the day
“The renaissance of Ryman and the introduction of new entrants like Scribbler has meant that the high street has been in some way reinvigorated. But in terms of the out-of-town concept, I can’t quite believe it can be sustained.”
Tristan Nagler, UK managing director of Aurelius – the investment firm that acquired Office Depot Europe this year – gives his verdict on out-of-town stationery retailers.
Today in numbers
The number of suppliers Kingfisher bought goods from in 2016/17, down from 840 the year before.
The size of the retail market in London’s West End, according to data from Harper Dennis Hobbs.
Fashion giant Next unveils its full-year results, with journalists and the City set to be hanging on Lord Wolfson’s every word about the economic outlook.
Luke Tugby, head of content