Administration Watch | Q3 2013
Retail administration job losses fall to their lowest level since Q4 2010
With the economy growing and showing signs of accelerating during the third quarter, the pace of retail administrations slowed during the period from July to the end of September. The number of jobs directly lost as a result of major high street retailers going into administration during the quarter fell to the lowest level since the final quarter of 2010.
During the quarter there were few major high street administrations with Nicole Farhi in July one of the best known brands to face difficulty. In this instance, the administration had relatively little impact upon employment and store closures as Maxine Hargreaves-Adams bought the firm within the month.
Major high street administrations that occurred in the quarter have so far led to 20 store closures, and 800 job losses. The number of job losses is relatively high compared to store closures as the failure of Montgomery Tomlinson led to the loss of concessions rather than stand-alone stores.
In the year so far, major high street administrations have led to the direct closure of nearly 900 stores and the loss of over 9,000 jobs. Compared to the same period in 2012, the number of store closures and job losses resulting from high street administrations is down by over 40%.