Administration Watch | Q4 2012
Retail administration job losses up 10,000 in 2012
The number of job losses directly resulting from major UK retailers going into administration in 2012 was estimated to be 25,100, a rise of over 10,000 when compared to the previous year.
The closure of all Comet stores nationwide in the final part of the year was a large contributor to the annual increase, accounting for more than 6,000 redundancies.
The majority of major business failures occurred around the Christmas period, with large-scale closures in the first quarter following Christmas 2011, and two large administrations in the final three months of the year - the other being JJB.
The largest retail administrations (as measured by job losses) in 2012 were Comet, Clinton Cards, Peacocks, JJB and Game.
In total an estimated 1,990 stores closed as a direct result of major retailer administrations in the year, more than double the previous year.
With the administrations of HMV, Jessops and Blockbuster in January 2013, the UK high street continues to face severe difficulties as a result of both weak trading conditions and changing consumer shopping habits.