The high street is hell – but the insolvency trade’s booming – Business News – Business – The Independent

English: Peacocks store, Rushmere Shopping Cen...

Dark days for Britain’s high streets are becoming boom times for insolvency practitioners, who look set to pick up another windfall thanks to the debt-laden fashion chain Peacocks and the troubled gifts retailer Past Times.

In separate processes, both companies sought yesterday to enlist the services of the administrator KPMG, which has already secured lucrative fees for its work with other retailers over Christmas. The accountant was the adviser when the outdoor goods chain Blacks Leisure and the lingerie retailer La Senza were bought out of administration earlier this month.

By formally appointing KPMG as its administrator last night, the retro-themed retailer Past Times has put a further 500 staff and 51 stores at risk, after earlier closing 46 shops and making 507 workers redundant.

The Peacock Group could become retailing’s biggest collapse since Woolworths was closed in January 2009 with the loss of 30,000 jobs. The company, which has 11,000 staff, 611 Peacocks stores and 394 Bonmarché shops, is the largest of the chains in recent trouble. Peacocks and Bonmarché are not yet in administration but have filed notices of intention and now have just 10 working days to deliver rescue deals.

via The high street is hell – but the insolvency trade’s booming – Business News – Business – The Independent.

Strange Random Insolvency Quote:

‘One must have some sort of occupation nowadays. If I hadn’t my debts I shouldn’t have anything to think about’ – Oscar Wilde, A Woman of No Importance.

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Posted on January 17, 2012, in Article and tagged , , , , , , , . Bookmark the permalink. 1 Comment.

  1. A most interesting story. It’s hard to stay at the top for long. Imagine that Woolworth’s, once a dominant retailer on the Dow Jones Index, has disappeared, along with most of the once-great 5&10 chains. Ditto Ward’s and other dept. stores. It looks as if Sears and Kmart are on the ropes now.

    Walmart is king now, but for how long? McDonald’s? No one can ever predict the future.

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