Shoes retailers go into administration
As the UK recession and global credit crunch begins to tighten it grip, this week saw the announcement that the high street shoe shop chain Barrets and Priceless have gone into administration.
Overall these two chains have a network of 400 stores throughout the UK with a workforce of 5,450 employees.
Adminstrators have stated that the shops will continue to trade as usual and will not be closed as they are seeking to place Barrets and Priceless into a Company Voluntary Arrangement or CVA. This is where people who are owed money by the firm are able to vote on a repayment proposal which the directors of the company are to put forward.
If the proposal receives the approval of 75% of its creditors then it is possible that Barrets and Priceless can emerge from administration and pay its debts within an agreed time period.
