A shoe firm’s two branches on Wearside are still at risk - despite a saviour stepping in to rescue two thirds of the business.
The future for the Brantano shops at Washington Galleries and Durham’s Arnison Centre remains shrouded in mystery today.
They are not part of the deal which saw a company controlled by Alteri Investors taking over part of the business.
The deal - done with Tony Barrell, Mike Jervis and Rob Hunt of administrators PwC - has saved 1,372 jobs and 140 stores and concessions but that’s only two thirds of Brantano.
Another 58 stores and concessions still have no buyer, including three in the North East (at Durham, Washington and Darlington).
Administrators at PwC are continuing to trade at these stores while they talk with interested parties. That means nine staff at each of the two Wearside stores are still facing an uncertain future.
Tony Barrell, lead administrator said: “We continue to trade the remaining Brantano business whilst discussions with interested parties continue. Unfortunately, in the event further sales are not possible, redundancies will become inevitable. We are working closely with Brantano employees and offering every support possible through this difficult period.”
North East branches which have been saved include Bishop Auckland, Consett, and Newcastle.
Robert Moran, deals partner at PwC, who led the sales process, said:“From discussions held over the last few weeks, there was interest from a number of parties, both trade and private equity, for the Brantano business. Of this interest, the offer from Alteri represents the best outcome for creditors and employees. We are delighted that 1,372 jobs have been preserved through the transaction and thank the Brantano team for working closely and collaboratively with us throughout what has been a difficult period for the business.”