There is more bad news for retail as more retailers are warning shareholders, investors and landlords that business is still very, very tough.
Peacocks, who we all know, and who has over 550 shops in the UK, is struggling under a debt mountain of nearly £250 million. They are finding trading conditions very difficult and slow and have asked their landlords if they can review the way they pay their rent. The same thing is beig faced by Clinton Cards.
Many other retailers are also on the brink of collapse and last week saw more devastating news for this industry. Sonex Communications, which operates Sony stores, and Hub, a variety store retailer, both went into administration and DIY retailer Wickes has decided to cut the number of its stores by 50%.
This is more bad news for retail and I am afraid to say that even more is on its way!