There have been a string of retail failures this year as a lethal cocktail of rising costs, falling footfall and weak consumer confidence knocks one of the UK’s biggest industries.
Toys R Us and Maplin both collapsed on the same day in February.
Toys R Us went bust earlier this year
The global toy firm buckled under the weight of its debt after it failed to update its stores or price match Amazon. Its 100 stores were shuttered and 2,500 people were left out of work.
Meanwhile, Maplin had a terrible Christmas – it was knocked by supply issues caused by credit insurers pulling their cover.
The electricals firm scrambled to find a buyer and fresh investment, but sale talks failed.
The administration led to the closure of 217 stores and 2,300 job losses.
The next large administration was Poundworld, which struggled when the value of the pound sunk. Its 335 shops were closed, leaving 5,000 jobs at risk.
Mike Ashley has vowed to save as many House of Fraser stores as possible – a silver lining for the stricken department store chain
House of Fraser collapsed under a huge debt pile in August, but it was immediately bought out of administration by Mike Ashley’s Sports Direct for £90million.
He has pledged to turn it into the ‘Harrods of the High Street’ but a number of suppliers and concession partners have been left out of pocket.
This blow was the final straw for Coast, which was owned a significant amount of money by House of Fraser’s previous owners.