The chains operate a total of 400 stores nationwide and employ 5,450 staff. Deloitte, the administrators, said the shops had not been closed and were continuing to trade as normal.
Barratts and PriceLess are subsidiaries of Stylo, the Aim-listed company run by the Ziff family. The parent company is not in administration but trading in its shares have been suspended.
Stylo said it did not anticipate any short-term improvement in trading conditions, which it said had "deteriorated markedly".
"Against this background, the board has concluded that current and projected sales cannot support the current cost base of the business, in particular the high rent obligations," Stylo's statement said. "Therefore a more pro-active restructuring approach is required to return the business to profitability."
Stylo said it wanted to repay all creditors in full and reach a new agreement with landlords. To do this Deloitte is seeking to place the companies into a Company Voluntary Arrangement (CVA), in which people who are owed money by a firm can vote on a repayment proposal put forward by its directors.
If the proposal is approved by 75pc of creditors, the company can emerge from administration and pay what it owes within an agreed period of time.
Stylo said it has support for the process from Prudential, Lloyds Group and Barclays. The Ziff family has confirmed its intention to make substantial further funds available to the Group
Employee rights and pension scheme unaffected, Stylo said in a statement.
Earlier today the Aim-listed company's requested the suspension pending clarification of its strategic options. It follows Friday's announcement from Stylo that its outlook was "challenging" and margins continued to be hit. The company added that it was managing stock and cost levels tightly while the board explored options for the business.
The family-run business was floated on the stock market over 70 years ago under the name Stylo Boot Company (Northern) Limited. In 1964, with 150 stores nationwide, the company bid for W Barratt and Company. Shutopia, a large store concept to sell footwear on out of town retail parks, was launched in 2006.
Two British footwear chains have entered , a form of company liquidation in the United Kingdom. Both Barratts and PriceLess are owned by parent company . Stylo has not entered administration itself but shares have been suspended.

The chains have a joint workforce of around 5,450 employees and operate 400 stores around the United Kingdom. In February Stylo purchased 24 stores from shoe retailer  after it had gone bust.  

A spokesman for Stylo said that they did not anticipate any short-term improvement in trading conditions. It was also mentioned that the company had the support of the  and .  No stores are yet planned to close.

Other companies that have entered administration due to the financial crisis include , , , and .