UK: Retail administrations fell 6% in 2013
The number of UK retailers falling into administration fell by 6% in 2013 year-on-year, despite a "marked increase" during the last quarter.
According to research released by Deloitte, 183 retailers entered administration in 2013, compared to 194 in 2012 and 183 in 2011. Among them were youth fashion brand Republic, Gio Goi and footwear chain Barratts.
However, there was an 11% increase during the last three months of the year to 41 businesses, compared to 37 the same period of the prior year.
The business advisory firm noted that 1,629 businesses went into administration in 2013, down 11% from 1,833 last year.
"The high street has undergone a re-balancing, and this is what is being reflected by these figures," said Deloitte restructuring services partner Lee Manning. "A year ago we were about to see HMV, Blockbuster and Jessops enter administration, but I would not expect as many high profile retail casualties this time round."
This, Manning added, does not mean demand is increasing, more that the clearout will benefit those still standing in 2014.
"Christmas trading appears to have been reasonable, though not spectacular as customers opted to stay away from the high street in favour of click and collect.
"It is essential that retailers address the fundamental issues affecting the industry. 2014 is likely to be marked by further closure programmes, both within and outside of formal insolvency processes."
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