TWO more high street chains, which have stores in the News Shopper area, have called in the administrators.

Shoe shops Barratts and PriceLess announced they had gone into administration this morning (January 26).

Branches of the chains in the area include Barratts in The Glades, Bromley, and PriceLess in The Priory shopping centre, Dartford.

Their parent company, Bradford-based Stylo, is not in administration although its shares have been suspended.

Stylo operates 400 high street shoe stores in the UK under the Barratts and PriceLess brands, employing 5,450 staff in total.

Administrators from Deloitte said the stores remain open and continue to trade.

Stead & Simpson, Dolcis and Faith have already fallen into administration amid the worsening trading environment.

Last February Stylo took on parts of the Dolcis business, acquiring the brand and stock, as well as 24 stores and a number of concessions.

The following month, Stylo sold its loss-making Shellys footwear brand to Hong Kong-based Eternal Best Industries.

Deloitte partner Daniel Butters said: "Stylo has faced a downturn in trading as a result of the current difficult economic and market conditions."

The administrators hope creditors of PriceLess and Barratts will agree to place the businesses into a company voluntary arrangement (CVA) - a deal regarding the payment of their debts.

This meant, Deloitte said, that creditors and landlords would effectively be given a chance to vote on the future of the shoe chains.

Under the CVA, creditors and landlords vary their terms of trade in order to give Barratts and PriceLess the necessary breathing space.

Mr Butters added: "We are seeking to enable the rescue of Barratts and PriceLess, while giving creditors and landlords certainty over their own positions."