Barratts Shoes has gone into administration for the third time in four years putting more than 1,000 jobs at risk.

Directors at the chain were left with no choice after an investor pulled out of a plan to inject almost €6 million at the end of last week as the company sought to shore up its finances, according to a statement.

Philip Duffy and David Whitehouse of financial advisory and investment banking firm Duff & Phelps were appointed administrators on Friday afternoon.

The administrators said they were reviewing the financial position of the company and seeking a sale of the business as a going concern, but said "At this stage redundancies and/or store closures cannot be ruled out".

Barratts Shoes operates from 75 stores and 23 concessions across the UK and Ireland, including 15 outlets in the Republic.

It employs 1,035 people, 521 of whom are part time the statement said.