Sunday, January 1, 2012

More High Street Stores Go Under

2011 has seen a number of high street brands go under and the end of 2011 has not spared surprises...Deloitte, administrators at Barratts Priceless said they had failed to find a buyer for the shoe chain's concessions business.

In a statement, Deloitte said that regretfully they have to make approximately 1,610 full and part-time employees redundant, given that they didn't manage to find an appropriate buyer.

Barratts, which is the second time that has called in the administrators in the past two years, ran almost 400 concessions in large stores, mostly Dorothy Perkins. It is hoped a buyer will still be found for the shoe firm's 191 shops.

The blow came as bosses at retro-gifts chain Past Times said it was going bust.

Barratts was not the only store which went into administration, toy store Hawkin's Bazaar confirmed it had also appointed administrators. The Sun, has also reported that experts are also fearing that lingerie chain La Senza, which has 2,600 staff, will go bust within days.

Such events risk putting more pressure on the economy as almost 4,000 full-time and temp jobs could be lost with all these closures.

The high street has been badly affected this year by Internet shopping and a squeeze on spending, as more and more people become price consious and start looking out for bargains. Big names including TJ Hughes, Jane Norman, Alexon, Habitat and Focus DIY have all collapsed.

Is the retail world as we know it changing to a more price conscious model?

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