Stylo, owner of the Barratt and PriceLess shoe shops, said today it would go into administration after failing to reach agreements with landlords and creditors.
A meeting of creditors of the two chains voted yesterday against proposals to give them more breathing space to be turned around through a company voluntary arrangement. Administrators from Deloittehave been appointed to Sylo.
Daniel Butters, Deloitte partner and joint administrator, said: 'Following the meeting and vote yesterday we confirm that creditors and landlords have not accepted the CVA proposals.
'As a consequence we will now seek to achieve a sale as a going concern to preserve as many jobs as possible. We are in focused talks with interested parties in an effort to deliver a swift solution.'
It is thought the bulk of the 385 shops will close and up to 150-200 stores could be rescued out of administration.
Michael Ziff, who is responsible for the the Ziff family trusts' 60% holding in Stylo, is thought to be looking at options to buy some of the business out of administration.