The management of the bankrupt Barratts Priceless Group is buying the majority of the troubled business from its administrators at Deloitte. The details of the transaction are still unclear, but it's going to be yet another change of ownership for the big British shoe retail group, which had been previously taken private by its former majority owner, the Ziff family.
The group will have to close 39 stores and 14 concessions, losing 680 jobs, but it will save 1,184 jobs that were at stake. Deloitte already closed 18 stores in December, resulting in the layoffs of 127 store employees and 43 workers at the company's head office.
Meanwhile, Jacobson Group has bought the intellectual property rights to the Dolcis brand, which was up for grabs when Barratts Priceless went into administration, the British equivalent of bankruptcy, a few weeks ago. A separate team will be set up to work on developing the brand from Jacobson's head office.
The first collection under the new ownership will be for spring/summer 2013, after Jacobson Group figures out how to best to integrate Dolcis into its existing portfolio and complement its other brands, including Gola, Lotus, Ravel and Frank Wright.
To start, it will focus on the young female demographic, with plans to expand into other categories in the future.