Blog: Retail ‘critical’ list
Leonie Barrie | 7 October 2008
In its analysis of retail insolvencies over the past year, rescue and recivery specialist Begbies Traynor alarmingly puts clothing and footwear firms at the top of the pile. From a peak of 27% of all UK insolvencies in the first quarter of 2008, clothing and footwear firms dipped to 18% and then 19% of the total in the second and third quarters respectively. In July/August this stood at 17% but rose to 23% in September.
The firm has now placed 323 retailers on its ‘critical’ list, and believes 70% of these could go out of business in the New Year.
Why the New Year, when firms will have traditionally had a seasonal boost to their coffers? Well it’s in January that some of the Christmas stock will have turned into cash, which will have reduced the amount owed to the banks – who will then pull the plug.
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