Almost 1,400 retail jobs are being saved after a controversial deal, allowing the private equity firm that put the discount shoe chain Brantano into administration, has been structured, allowing the previous owners to buy it back.
Alteri bought the distressed retailer as part of a £12m deal from Dutch-based Macintosh Retail Group and went into administration last month. By letting Brantano fall into administration, dispose of the unprofitable stores and buy the healthier ones back, buying back the business it has in effect shed itself of its debts and a number of struggling stores at minimal cost.
Administrators, PwC stressed that although there was interest from a number of parties, for the Brentano business, the Alteri offer was the “best outcome for creditors and employees”.
A buyer is still being sought for the remaining Brantano business although redundancies have not been ruled out.