Brantano have a rescue deal in place, Alteri Investors are buying back the majority of the business they owned, saw collapse, and placed into administration in January this year.
The administrators, PwC say “Following their appointment, the Administrators have continued to trade the business whilst undertaking a sales process amongst interested parties. Having now completed this process, the majority of the business has been sold to a company controlled by Alteri Investors, preserving 1,372 jobs and 140 stores and concessions.
Brantano was of course originally acquired by Alteri as recently as October 2015 and it was Alteri that put the company into administration, so it may be somewhat controversial that they’re reacquired the bits that they think could make money.
Alteri are only grabbing 140 stores and that leave another 58 stores and some 600 odd people who’s jobs are still at risk. PwC are continuing to trade the remaining stores in the hope of finding a buyer, but say “in the event further sales are not possible, redundancies will become inevitable”.
PwC did not disclose how much Alteri paid to buy back the 140 stores.
