Retail Insolvency Risk Reduced
According to new research undertaken by insolvency and restructuring trade body R3, the proportion of North East retail businesses facing a raised risk of insolvency in the next year has fallen.
R3’s research found that 40.7 per cent of active retail businesses in the region with a brick and mortar presence have an elevated risk of insolvency, down from 42 per cent in June. However, two in five of them are still facing problems.
This follows research by PwC and the Local Data Company which found that a net 38 stores had been closed in the North East in the first half of 2019.
Online retailers are faring better with 36.3 per cent facing insolvency risk, while market retailers were at 30 per cent in September, a seven point improvement from June.
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