Tue, 10 Apr 2012 | BUSINESS NEWS
The rate of retailers entering administration in England and Wales for the first quarter this year increased by 15 per cent on the same period last year, Deloitte has revealed.
A total of 69 retailers collapsed during the first three months of 2012, while 60 failed last year. Well-known shops that have toppled include Past Times, Peacocks, La Senza, Game and Blacks.
The resulting job losses from these failed firms reached towards 10,000 out of the 22,000 staff employed, the research said.
Lee Manning of Deloitte commented: “Whilst the quarterly rent day often sets the timing for the insolvency, a significant trigger in a number of recent administrations is that many retailers have too many marginal stores.”
Changing times has also seen growing online sales, but with lowered overall spending. Fixed costs and some under performing stores are other drags on businesses. The challenge for some retailers now is to review their business models to be responsive to the fast change in consumer tendencies.
Overall, the number of companies entering administration in the first quarter, apart from retailers, has dropped by 10 per cent to 447 from 497 in 2011. The news offers a “glimmer of hope” says Mr Manning.
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