17% rise in London retailers facing “significant financial distress”

AVA SZAJNA-HOPGOOD | July 24, 2018

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New research from Begbies Traynor has found a 17 per cent rise year-on-year in London businesses  including retailers reporting serious financial difficulty.While the report found London was the country’s worst performing region, the UK as a whole came up against serious headwinds in a tough economic climate.Begbies Traynor’s report found the number of UK firms facing “significant” financial distress has increased nine per cent compared with last year.Restricted consumer spending, growing political uncertainty around Brexit and the Beast from the East cold snap were all cited as concerns for businesses, with more than 470,000 feeling under pressure at the end of June. While plenty has been written around the retail sector’s administrations this year including Poundworld, Maplin and Toys R Us Begbies Traynor said it was the UK’s real estate, telecoms and support services who had suffered the biggest year-on-year increases of distress. Begbies Traynor partner Julie Palmer pointed out that the levels of financial distress are increasing at a slower rate than during the previous four quarters.

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We are a specialty athletic retailer that operates approximately 3,270 stores in 27 countries in North America, Europe, Asia, Australia, and New Zealand. Through our Foot Locker, Kids Foot Locker, Lady Foot Locker, Champs Sports, Footaction, Runners Point, Sidestep, and SIX:02 retail stores, as well as our direct-to-customer channels, including Eastbay.com we have become a leading provider of athletic footwear and apparel. We continually push ourselves to look at the market in new ways and remain industry pioneers.

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