Administrations plummet
Apr 13 2010
Liquidations in the retail sector fell sharply in the first quarter of this year.
Administrations were down by 65 per cent for the first three months of 2010, compared to the same period last year, according to business advisory firm Deloitte.
Lee Manning, reorganisations services partner at Deloitte, says: ‘The first quarter of 2009 saw exceptionally high levels of retail administrations and so it is not surprising to see a drop this time round. The scale of the decrease suggests that many retailers have been successful in taking the measures necessary to equip their business for tougher trading conditions.’
Ian Geddes, head of retail at Deloitte, adds that economic conditions over the next year mean retail sales are likely to remain flat for the rest of 2010.
A total of 44 retail companies went bust in the first quarter of 2010, down from 124 in the same period last year.