By Maximilian Clarke
The Joint Administrators of the Barratts Priceless Group today announced that they have been successful in finding a buyer of the business and the majority of its assets.
Barratts group became the latest casualty in a string of increasingly high profile high street administrations, as a long-term decline in consumer confidence saw reduced high street spending.
The deal to the existing management team will ensure that the Barratts and Priceless brands and the online business will continue to trade. The sale will include 89 stores and has safeguarded 1,184 jobs. Regrettably the deal will result in the closure of 39 stores and 14 concessions and 680 additional redundancies.
Daniel Butters, Joint Administrator and partner in Deloitte’s restructuring services practice, comments: “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.”
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