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A comparison of the retail administrations in 2010 with those in 2009 has confirmed the view that there has been a steep fall in number of companies filing for administration in 2010. There were 32 retail administrations in 2010, versus 72 in the comparable period of 2009.
The retail industry showed healthy signs of recovery in 2010, with this dramatic drop of 44% in the number of companies falling into administration.
Administrations reported in previous issues of SnapShop Monthly summarised below:
· November 2010 - Speciality Retail Group went into administration this month, wiping out three high street names in the process: Suits You, Racing Green and Youngs Hire
· October 2010 - Fifi and Ally is the only reported retail casualty
· August 2010 - Two retailers hit the buffers with Confetti and Asco Supermarket, turning up its toes completely and going into liquidation
· July 2010 - Out of Town Restaurant Group hit the buffers, following allegations of fraud
· June 2010 - Two administrations, but in true Phoenix fashion, both Antler and JAG Communications resurrected through pre-pack
· May 2010 - Two administrations were Faith and Lab Sport
· April 2010 - Two Administrations, in the form of Envy and Saltrock
· March 2010 - Three Administrations which were Irish bookseller Hughes & Hughes, Jean Scene Ireland Ltd and Norfolk-based Riva Shoes
· February 2010 - Retail Administrations include Diamonds & Pearls, Designer Room, Ethel Austin and sister Au Naturale and the Fads, Textyle World and Leveys brands, owned by Divalimit
· January 2010 - six retail administrations, including Adams, D2, Wesley Owen, Natural Kitchen, Ellie Louise and Happit; three of these appear to have been pre-pack administrations, while the others, aside from Adams, have also been rescued.
These statistics tally up with the views of chief executives of Debenhams, New Look and Kingfisher who have predicted that the UK will not suffer from a double dip recession. All three give reasons for hope, with international, multichannel and product innovation hotspots in the industry.
For up-to-date information on store closures/retail administrations please subscribe to SnapShop.
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