Shoe stores owner Stylo goes into administration

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Stylo, which employs 5,450 people, said Deloitte was nominated as administrator.

"We will now seek to achieve a sale as a going concern to preserve as many jobs as possible," said Daniel Butters, Deloitte partner and joint administrator.

"We are in focused talks with interested parties in an effort to deliver a swift solution."

The step followed a meeting with about 200 landlords and other creditors in London on Thursday. Stylo, based in Bradford, England, had hoped to negotiate lower rents linked to revenue, the Financial Times reported.

Stylo's companies, which had already been placed in administration last month, include Stylo Barratt Shoes Ltd., Stylo Barratt Properties Ltd., Priceless Shoes Properties Ltd., Barratts Shoes Properties Ltd., and Comfort Shoes Ltd.

Administration is a form of bankruptcy protection. Administrators are appointed to salvage as much of the company as possible for the benefit of its creditors.