Almost 1,400 retail attempts are being?saved following a controversial deal, allowing the private equity firm that put the discount shoe chain Brantano into administration, is structured, allowing the last proprietors to buy?it back.
Alteri?bought the distressed retailer in a 12m deal from Dutch-based Macintosh Retail Group and went into administration a few weeks ago. By?letting Brantano?get caught in administration, discard the unprofitable stores?and get the healthier ones?back, buying back the company they have in place?shed itself of its?debts and also a quantity of struggling stores at minimal?cost.
Administrators, PwC?stressed that?although?there is interest coming from a number of parties, for the Brentano business,?the Alteri offer was the “best outcome for creditors and employees”.
A buyer continues to be sought with the remaining Brantano business?although redundancies haven’t been ruled out.