Barratts to buy back its stores

Ailing footwear retailer Barratts may have found its way out of administration. According to reports, the company's existing management team has reached an accordance with administrators to buy back its 89 stores and the company's

online business.

The deal will protect 1,184 full-time and part-time jobs but 680 jobs will still be lost as 39 stores and 14 concessions close.

Barratt's chief executive Michael Ziff said in a statement: "I am delighted that we have been able to conclude this deal and save as many jobs as we have. The last few months have been very challenging but we have a great team in place."

Barratts collapsed into administration last month. The company was previously put into administration in 2009 but Ziff, chairman of Barratts Priceless parent company Stylo, was able to save around 3,000 jobs when he bought 160 shops from administrators Deloitte. However, 220 stores were closed by the administrators.

Image: Barratts Fashiolista