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Textiles retailer Rosebys goes down under soaring credit crunch

27
Sep '08
The soaring credit crunch grabbed Rosebys as its next victim as the home textile retailer collapsed under the pressure of trying trading situation and continuing losses.

This was not the first instance and was preceded by Willis Gambier, a furniture supplier to Marks & Spencer and John Lewis, which also went down for similar reasons.

Considering the present situation, there are fears that scores of business failures would be witnessed in the coming days.

Some 2,000 jobs at 280 stores and at the distribution centre in Selby are threatened by Rosebys' collapse. Based in Yorkshire, the firm has an annual turnover of £100m and has pu on sale whole or parts of its business. Even though Rosebys did seek refinancing, it did not prove possible in the current economic climate.

Experts believe that retailers have been hit particularly hard by the downturn in consumer spending due to the housing market crisis.


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