Administration Watch | Q3 2012
Administrations fall but the pain isn't over yet
The number of major high street retail administrations fell in the third quarter of the year. In this three month period The Retail Database recorded just five major high street brands entering administration, most notably Ethel Austin and Julian Graves. Ethel Austin, falling into administration for the fourth time in as many years, was bought out of administration by Ricli Limited, owned by Liric owner and Salford businessman Mike Basso, saving an estimated 200 jobs. No buyer was found for Julian Graves, resulting in the full closure of all stores.
In total major administrations directly cost the retail sector an estimated 240 store closures and 1,470 job losses. These figures were well down on the previous quarter - declining 49% and 72% respectively.
Despite this improvement in Q3, the start of the final quarter of the year has shown worrying signs, with significant store closures and job losses resulting from the administration of JJB Sports.
So far this year we estimate that major high street administrations have cost the UK retail sector 1,675 stores and almost 18,000 jobs.