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19% of fashion retailers in UK show insolvency signs
17
Feb '18
Nineteen per cent of clothing retailers in the United Kingdom currently exhibit early warning signs that they are at the risk of going insolvent, according to accounting and consulting firm Moore Stephens. Out of the 35,078 fashion retailers analysed, 6,580 are showing early signs of financial distress, such as a large fall in revenue or poor payment history.

The dominance of online retailers was followed by falling consumer spending and increased payroll costs after the introduction of the National Living Wage that have compounded the pressure on fashion retailers, the accounting firm said in a press release. UK consumer spending was at its lowest level for five years in 2017.

Rising business costs have led many fashion retailers to raise prices or lower profit margins. Online-only retailers, however, have been largely spared of these costs.

Fashion retailers East, Jaeger and Store Twenty One have entered insolvency in the past 12 months and Debenhams has issued a profits warning after poor Christmas trading.

Clothing retailers in the United Kingdom have faced some of the most difficult trading conditions since the recession in the past year, said Jeremy Willmont, head of restructuring and insolvency at the firm. (DS)

Fibre2Fashion News Desk – India


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