Updated corporate insolvency stats continue concerns for 2013

Published on October 4, 2013 by Crawfords Accounting

The latest updated corporate insolvency statistics for the retail sector continue to raise concerns for 2013 as a whole, with the first nine months of the year already seeing more company failures than four of the previous six years.

Only 2008, the first year of the major global turbulence, and 2012, when the retail sector was again badly hit, saw more failures in their full 12 months than 2013 has seen in its first nine.

According to the Centre for Retail Research’s Who’s Gone Bust? report, 43 companies have now failed in 2013, compared with 54 in each of 2008 and 2012.

Nearly 22,000 employees have been affected so far – more than in the full year of 2007 or 2010, and broadly in line with 2009 and 2011.

In all, more than 2,000 high-street stores have been affected by corporate insolvency in the retail sector in 2013.

Among the most recent are failures in fashion accessories and jewellery, toys, curtains and trader directory services.

The Centre for Retail Research has reiterated its forecast that, with three months still to go, 2013 “looks to be even worse” than even the high-profile failure of big-name retail brands in 2012.

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