The number of retail companies in financial distress rose sharply in September, giving rise to fears of a tough Christmas, according to research from recovery and insolvency firm Begbie Traynor.
The company’s Red Flag early warning system showed that 125 retailers encountered critical problems last month, up 37% from August. Of these, Begbie Traynor said that a “significant number” were likely to begin insolvency procedures within a year.
Begbie partner Nick Hood commented: “With unemployment set to continue rising for many months and consumer confidence remaining extremely fragile, many struggling retailers are threatened with a Christmas that may be even worse than last year”.
The Appointment, October 09
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