Retail group Stylo have appointed administrators for its shoes stores Barratts blaming the downturn in the UK retail market.
The company have said that current and projected sales would not support the current cost base of its business, in particular its high rent obligations.
The administrators said today even though they have struck a deal with the firms existing management team there will be a job cut of around 2,500 jobs but they are able to safeguard around 3,000 jobs.
Experian Ltd have estimated that 1,600 U.K. retailers may go out of business this year as stores struggle to contend with a slumping consumer economy. Stylo this week joined retailers Woolworths Group Plc, Zavvi Group and Adams Childrenswear Ltd. that have all struggled and collapsed over the past six months. This has added to the high level of unemployment in the UK which rose in January to the highest level in possible a decade.
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