Almost 1,400 jobs saved as Brantano is rescued out of administration

Nearly 1,400 jobs have been saved after investment firm Alteri bought shoe retailer Brantano out of administration.

Alteri, the specialist European retail investor, previously acquired Brantano in October of last year, but after reporting poor results over the Christmas period, the firm called in administrators at PwC.

However, Alteri has now bought back 81 shops and 59 small concessions, both of which employ a total 1,372 people.

But 200 Brantano shops went into administration, meaning there are still 58 stores and over 600 jobs at risk.

Property agents at GCW will now attempt to find a buyer for the remaining 57 stores and one concession.

Gavin George, Alteri chief executive, said: “Following the acquisition of Jones and Brantano in October last year, and a subsequent review of Brantano, it was clear that the business required fundamental restructuring.

“Every action possible was taken to restructure the business on a solvent basis including extensive renegotiations with landlords.

“Unfortunately the landlords were unable to revise their terms to a viable level, and with the additional complexity brought on by the insolvency of previous parent company Macintosh Retail Group, administration was the only route available.

“The restructured business is well placed for future development as an out of town, family footwear specialist and both Jones and Brantano are now able to move forward on a solid financial and strategic footing.”