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More failed high street retailers
The number of British retailers going bust jumped 38 per cent to 670 in the first quarter of 2012, up from 486 in the fourth quarter, as the country slumped to a double dip recession, according to a survey from accountancy firm Wilkins Kennedy released today. High profile casualties in the first quarter included discount clothing retailer Peacocks, video games seller Game and cards and gifts retailer Clinton Cards. “Last year was bad but this year is even worse. Retailers are still struggling with rents that they feel are far above the market rate and banks are particularly reluctant to extend credit to struggling retail businesses,” said Anthony Cork, a partner at the firm.