banner ad
By December 1, 2020 Read More →

AGENDA WEST BUSINESS NEWS: the shocking collapse of retailing this year (with Debenhams likely to be liquidated) meaning more than a quarter of a million shop workers have lost their jobs in 2020 and suppliers left with nothing – read the long list of big names here

After Arcadia went into administration last month it meant the only potential buyer of Debenhams, namely JD Sports, pulled out thus condemning the nationwide department store to collapse.

“This is another hammer blow to workers and suppliers,” said Ian Carrotte of ICSM Credit, “with invoices unpaid, wages void and pension schemes in doubt it means the economy is being given a body blow. We need the Government to create a strategy to revitalise the high street with rescue and transition packages, plus cuts to rents and business rates. Sadly they seem more interested in the tier system and Covid-19 related matters.”

Department store’s end

You might think 2020 couldn’t get any worse for business but on December 1, Debenhams have had the rug pulled from underneath them as JD Sports pulled out of a rescue deal following the end of Arcadia who have concessions in the department store.

The company had already cut about 6,500 jobs since May, and now has 12,000 workers but it now looks likely the stores will be liquidated with only a slight possibility that some stores or the name could be bought out by rivals.

Ian Carrotte of ICSM Credit said the 242-year-old retailer has already left thousands of suppliers unpaid following administration in April. He said suppliers included printers, sign-makers, designers, clothing manufacturers and landlords will be left with nothing.

Long list of the big names 

The Centre for Retail Research in the UK have listed the following British owned retailers who have fallen into administration, or have been liquidated (this is a list of big names – thousands of smaller retailers have also gone bust): Arcadia, the fashion giant with subsidiaries Topshop, Dorothy Perkins, Burtons, Miss Selfridge, Wallis and Evans; Peacocks and Jaeger; Edinburgh Woollen Mill and Ponden Mill; J Crew;  Celine Group Holdings, the parent company of Debenhams; M&Co; D W Sports; Feather & Black; Grosvenor Shopping Centre in Chester; Oliver Sweeney Trading; Muji,   Cardinal;  Soletrader; Peter Jones; Norville Group; Benson Beds; Harveys Furniture; T M Lewin; Bertram Books; Intu Properties, Go Outdoors; Lee Longlands; Poundstretcher; Oak Furnitureland, Le Pain Quotidien; Monsoon Accessorize; Quiz; Aldo; DVF Studio; Antler; Dawson’s Music; J Crew; L K Bennet; Oasis and Warehouse; Debenhams; Spicers; Simply Scuba; Kath Kidston; Autonomy Clothing;  Lombok; Brighthouse; Laura Ashley; Kikki.K;  Soak; Bonmarché; T J Hughes Outlet; HonestJohn.co.uk; Ashbury Furniture; Ena Shaw; Oddbins; Hearing and Mobility; Hawkins; Houseology; Welch and Bill Dobbie; Beales.

About ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel – while at the moment there’s a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach – ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

Posted in: Uncategorized

About the Author:

Comments are closed.

banner ad