Over 24,000 jobs have been lost so far in 2020 by UK retailers alone

6 July 2020

Over 24,000 jobs have been lost so far in 2020 by UK retailers alone

New research from the Centre for Retail Research (CRR), reports that over 24,000 jobs (24,348) have been shed this year, just by UK retailers.

Most of the job losses are a result of retailers falling into administration in the first half of 2020, following the coronavirus lockdown which acted as catalyst to the collapse of many retailers.

The research also suggests that 31,628 retail jobs are at risk currently of being scrapped due to risk of store closures.

These figures, for the first half of 2020, are already higher than that for the total for the whole of 2019; a total of 2051 stores and 46,506 jobs affected by major retail insolvencies.

Job cuts have hit the news recently, with retail names such as Harrods, John Lewis, Arcadia announcing job cuts as they try to secure their financial future.

Laura Ashley, Debenhams, Victoria’s Secret, Quiz, Cath Kidston are among the few who have entered insolvency due to the coronavirus pandemic forcing them to shut their doors in March.

CRR director Joshua Barnfield said: ‘’With the tapering of furlough from next month and the schedule end of the lease forfeiture moratorium in September, the second half of the year could be disastrous for high streets’’.

Categories: Retail, Administration

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