British Brantano files for bankruptcy

British Brantano files for bankruptcy

British shoe chain Brantano, which only relaunched last year and which was previously part of bankrupted Macintosh Retail Group, has now filed for bankruptcy itself.

Jones Bootmaker is also in trouble

Investment firm Alteri, its current owner, acquired Brantano and its affiliate chain Jones Bootmaker about 18 months ago, but it had been looking for a buyer these past weeks. Jones Bootmaker is currently not bankrupt yet, but it may very well be soon. Alteri is currently still in talks with possible buyers.

 

Both chains were already under pressure and were hit hard by the Brexit and the weaker pound, both causing higher costs. Evolving consumer behavior and a new retail landscape in the United Kingdom also proved detrimental.  

 

1,000 jobs in peril

Brantano stores will continue to operate as guardians look for the best solution. Its 1,000 employees remain in limbo about their job, because guardian Tony Barrell, who works for PwC, said there will definitely be job cuts.

 

Last time Brantano went bankrupt, Alteri was also its owner. “We tried very hard to restructure the company without bankruptcy, but we failed to do so”, CEO Gavin George told The Guardian at that time. “This is the only way we could restructure the company and prepare it for the future.”