Thousands of retailers close to the brink as consumers tighten belts, report finds
The IndependentFor free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Begbies Traynor said that the companies were facing tough trading which has pushed an extra 500-odd retailers into “critical financial distress” since the third quarter of the year. It said that nearly 46,000 retailers were in the less severe “significant financial distress” category in the fourth quarter, a little under 8% up from the previous three-month period. “And, after a year where consumers faced one of the worst cost-of-living squeezes on their wallets, the shopping bonanza many retailers were relying on this Christmas does not seem to have materialised, pushing many businesses close to financial ruin this winter,” said Begbies partner Julie Palmer. “What’s particularly interesting is the number of online-only retailers now in critical financial distress,” Ms Palmer added.
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