Apr 21, 2019
UK store closures set to top 1,000 as use of CVAs mounts
The crisis on the high street is set to push the number of chain-store closures above 1,000 as more retailers turn to a controversial insolvency procedure to avoid collapse. The UK retail sector has come under increasing cost pressures, as business rates and wages have risen. Toys R Us, owned by KKR and Bain Capital, failed last year, leading to a loss of about 3,000 jobs in the UK. "The link between retail failure and private equity ownership is proven," said Stephen Springham, head of retail research at Knight Frank. "Retailers need to be run as retailers, by retailers, not as cash cows by financiers." Closures stemming from retail CVAs last year were most prevalent in London, the south-east and the east of England, according to the LDC data.
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