The number of retailers that entered administration so far in 2012 has been up in the first quarter of the year by 15% compared to figures from a year earlier, according to Deloitte. Sixty nine retailers entered administration compared to 60 the year previously.
A number of companies have been hit by the recession and while there are signs to indicate that we are heading out of the dip, the retail sector is one that would certainly disagree.
The likes of Game, Peacocks, Barratts, and La Senza were among the big names to have called in the administrators recently, while companies Thorntons, HMV, and Blacks have undergone major restructuring in a bid to change their fate and rescue ailing fortunes.
There are, unfortunately, many reasons why companies may face financial challenges and the real prospect of going into administration. If your business were to be hit by court costs and compensation claims costing tens of thousands of pounds or more, would it be able to keep its head above water?
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