Shoe retailer Barratts is on the verge of collapse after suffering a cash flow crisis less than two years after falling into administration.
Barratts is on the hunt for £3m to plug a hole in its finances and purchase stock for the pre-Christmas season, The Sunday Times reported.
Owner Michael Ziff is speaking to turnaround financiers and asset-based lenders to support the company.
Barratts last called in administrators less than two years ago, a move which led to 2,000 employees leaving the company. The retailer is likely to be battling tough credit terms from suppliers as a result.
Ziff’s plan to turn around the retailer had involved retaining the stronger performing stores and driving an ecommerce push.
The retailer has 45 stores in England and Scotland, 15 in Northern Ireland and 15 in the Republic of Ireland.