The British high street has taken another battering as both Barratts Shoes and Blockbuster have entered administration, jeopardising 3,000 jobs in the run-up to Christmas.
This is the third time in just four years that Barratts has announced it is in administration.
The footwear chain said it was left stranded after an investor pulled out of a much-needed £5m injection last week.
“In view of the financial position of the company and withdrawal of that equity offer the directors were left with no choice but to appoint administrators,” said Philip Duffy, partner at Duff & Phelps, Barratt’s administrator.
Barratts has 75 stores and 23 concessions in the UK and Ireland. It employs just over 1,000 people.
Blockbuster has 264 stores and employs around 2,000 people.
Gordon Brothers Europe is the private equity firm that bought Blockbuster in March. It said it had tried to take the business into the digital age, but hadn’t been able to secure a deal to take the business online.
Gordon Brothers announced last month that it was filing a notice of intent to appoint an administrator.