The future of the Island’s Brantano store in Newport is at risk tonight (Wednesday) as the company enters into administration.
Around 1,000 jobs at the shoe retailer now hang in the balance following today’s news. It is unknown how many staff are employed in Newport.
Alteri Investors bought the chain at the tail end of 2015 but just months later Brantano entered into administration. It was saved from the brink when Alteri bought it back. Now, just 12 months later, the company has back into administration.
The store will continue to trade as normal.
Tony Barrell of administrators PwC has said:
“Despite significant improvements in the business and reductions in the cost base, trading has continued to suffer in a depressed and competitive footwear market.
“Like many other retailers, Brantano has also been hit hard by the sharp decline in sterling, the ongoing shift in consumer shopping habits and the evolution of the UK retail environment.”
