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Insolvency figures show retail health decline - August 6, 2012 The latest statistics from the Insolvency Service have shown an increase in the number of retailers entering into administration in the second quarter of the year, compared with the same period in 2011. The number of retailers entering administration was up from 38 appointments in Q2 2011, to 52 a year later. Richard Fleming, UK head of restructuring at KPMG, said: “The retail sector remains under significant pressure from reduced consumer spending, rising overheads and all-round low confidence. “We have seen many retailers resort to slashing prices to try to encourage spending, but the long-term effect of this discounting strategy will see them weakened even further. Price cutting may be a short-term survival strategy, but it doesn’t tackle the underlying problems facing the sector.” Overall administration appointments were down 20% from Q1 2012 (779) to Q2 2012 (625). The overall retail sector, including automotive and wholesale, saw a decrease of nearly 30% in administration appointments, with 95 in Q2 2012 compared to 135 in Q1 2012. However, year-on-year comparatives recorded an increase of 12%, with 85 in Q2 2011. « Go Back © Business-Money.com Ltd

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