More than 100 retailers fell into administration in the first half of this year, according to a new report, highlighting the economic turmoil on the high street.
Figures from consultancy Deloitte revealed that the number of retail firms falling into administration in the second quarter of this year increased by eight per cent to 43, compared with 40 in the same period in 2010.
This was down on the first quarter total of 60, but Lee Manning, restructuring partner at Deloitte, said the period directly after the new year is often when the largest number of firms go bust over the year.
"The retail sector is going through a significant period of change with many companies buckling under the pressure of weakened consumer confidence and a sluggish economy," he said.
"Whilst the overall increase in the number of retail failures this quarter is relatively small, we have seen a significant number of household names falling into administration.
"Interestingly, retail administrations in Q2 2011 fell to 43 from 60 in Q1 2011. Whilst this may be seen as an encouraging sign, the first quarter of the year is often the period when the largest number of administrations occurs."
Overall, the second quarter of 2011 saw 449 companies fall into administration, compared with 557 in the first three months of the year, a decrease of 19 per cent.
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