Owner of Barratts Priceless Group Michael Ziff has struck a deal with administrators to buy the bulk of its stores.
Ziff has bought 89 stores out of administration safeguarding 1,184 jobs. However, a buyer has not been found for 39 stores and 14 concessions so 680 additional redundancies have been made.
Deloitte joint administrator and partner Daniel Butters said: “We are delighted to have negotiated a deal, which will secure the employment of over 1,100 employees and ensure the Barratts and Priceless brands continue, especially given the adversity which has beset the High Street over recent months.”
It is the second time that Ziff has bought the footwear retailer out of administration. Stylo, which owned the Barratts and Priceless Shoes brands, put the retailer into administration nearly three years ago, closing down 220 of its 380 stores.
Ziff, who was chairman of Stylo, bought 160 stores from administrators in March 2009 after shop landlords voted down a restructuring involving a CVA.