Ben Stevens reports for Retail Gazette on the tough prospects for many UK retailers.
“There will be more casualties going through the summer,” Opus Restructuring’s business risk advisor at Nick Hood told City AM.
“A lot of stakeholders are now thinking there’s been a really fundamental change and I think the trigger for it is business rates. There is clearly a sorting-out going on in certain sectors, such as footwear and middle-market fashion.”
This follows last week’s news that Jaeger announced its intention to enter administration, just weeks after Brantano, Jones Bootmaker and 99p Stores reported their decline into administration.
Independent retail analyst Richard Hyman expects retail failures to hit levels above those in 2008 amid the height of the financial crash, when 54 retailers fell into administration and 74,000 jobs were put at risk.
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