Administrations: The biggest UK retailers to collapse in 2019
Rising high street rents, significant business rates and online competition has placed pressure on retailers in 2019.
Retailers have come under fierce pressure from rising costs and online competitors over the past year, increasing the recent turmoil facing UK high streets.
Over the eleven months to the end of November, 81 UK retailers fell into administration, according to data from KPMG.
This represents a decrease on the same period in 2018, but experts at the corporate finance giant said this has been driven the increased use of restructuring methods as pressures continue to weigh down heavily on retail firms.
Alongside a number of high-profile collapses, some retailers also announced major store closure programmes resulting in thousands of job losses in the industry.
Here, the PA news agency looks at some of the key retailers which have gone bust or entered administration in 2019:
– LK Bennett
The fashion retailer was bought from administration in a rescue deal in April, but said it would close 10 stores with the loss of 110 jobs after a downturn in performance.
– Jack Wills
Jack Wills collapsed into administration in August before it was snapped up by retail tycoon Mike Ashley.
– Karen Millen
All Karen Millen and Coast’s 32 UK stores were closed in September after it slid into administration, although its online brand was saved by Boohoo.
– Links of London
The jewellery retailer is in the midst of an administration after a tumultuous spell under the ownership of Greek business Folli Follie, leaving its 35 stores and 350 jobs at risk.
High street hairdressing chains Supercuts and Regis were saved in a rescue deal by entrepreneur Lee Bushell, in a move which secured 140 of their 200 salons, after they fell into administration.
The value retailer fell into administration in October, before administrators announced a rescue deal was agreed with retailer Peacocks. Nevertheless, it said 30 stores would be closed before Christmas.
Bathstore fell into administration in June, but 44 of the company’s stores were saved in a rescue deal with Homebase.
The fashion retailer fell into administration in May, before launching a CVA restructuring plan in June.
– Thomas Cook
The travel business was the most notable failure of the high street, collapsing with 800 stores, although 555 of these were saved by rival Hays Travel.
The wine specialist closed a raft of stores after it fell into administration in February, the second time it had collapsed in around eight years.
The department store chain entered administration in April as it sought to reduce its debt and start a major restructuring process, which would result in store closures.
Dragon’s Den star Peter Jones called in administrators for the property division of his troubled camera chain in December, putting around 500 jobs at potential risk.
– Mamas & Papas
Just days after rival Mothercare went bust, Mamas & Papas tumbled into administration and announced the closure of six high street stores.
– The Book People
The online Book Seller drafted in administrators just a week before Christmas putting almost 400 jobs on the line.
Around 2,500 jobs were saved at the greetings card chain as it was sold back to its original owners after it fell into administration on the back of mounting cash flow pressures.
Meanwhile, there has also been a raft of retailers forced into shutting shops and announcing major redundancies to cope with the changing retail landscape.
High street stalwart Marks & Spencer is in the midst of plans to close 100 stores to cut costs, while fellow retail giant Tesco announced plans to cut 4,500 jobs in August.
Elsewhere, Boots confirmed in June that it will close 200 UK stores in another blow for the high street.
In May, Sir Philip Green announced plans to shut 23 stores across the UK, including Topshop, Topman and Dorothy Perkins sites, in a move which hit 520 workers.