Seven retailers enter insolvency every day Tue, 28th April 2009 Seven retailers enter insolvency every dayTuesday April 28th 2009
 Seven retailers are going bust every day, according to figures from PWC for the first quarter of 2009.
The figures represent a 25 per cent increase on the last quarter of 2008. Between January and March this year 705 companies in the retail sector entered insolvency, compared to 569 at the end of last year. When measured against the first quarter of 2008, the figures show a 60 per cent increase in insolvencies. "In 2008 we saw relatively weak retailers going to the wall. However survival of the fittest will be the mantra for 2009 - those with an inappropriate capital structure or a poor proposition will struggle to survive. Even good companies may disappear as they are exposed by low sales volumes and debt burdens," says PWC retail director Andrew Garbutt. "Although some retailers and their stores have disappeared from our high street, there are opportunities for multiple retailers and smaller, independent stores to grow market share even in this tough climate. Nobody wants to see retailers fail but market shares change the furthest and fastest in times like these. Opportune retailers will see these failures as platforms to gain share," adds Garbutt.
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