Shoe chain Brantano's British branch, which was part of the bankrupted Macintosh Retail Group until last year, will relaunch thanks to investment firm Alteri.
Buyer wanted for 60 stores
Alteri acquired Brantano in October 2015, but had to file for bankruptcy early this year. It will now relaunch with 81 stores and 59 shop-in-shops, keeping 1,372 people employed. Apparently, Alteri only paid 10 million pounds (12.9 million euro) to buy back Brantano.
"We tried really, really hard to undertake the restructuring solvently, but we were unable to do so. This is the only way we could restructure the business to give it a good go-forward position", Alteri CEO Gavin George told The Guardian.
The Alteri relaunch leaves nearly 60 Brantano stores without a solution. Guardians are looking for a buyer, to avoid any further job cuts, but if there is no one willing to acquire the stores, 600 people will lose their job.