It's the time of year for reflecting on the year just ending and the new one ahead, generally the last 16 years or so have been boom times and people could look ahead with optimism and excitement.
As we draw close to the witching hour of rent and salary payments many retailers may not be able to see past 29th December. That's the day that many have to find 3 month's worth of rent and pay December salaries. If the big insolvency boys are to be believed there will be up to 15 major retailers going into insolvency procedures (typically pre-pack administrations) over the festive period or beyond.
For the management and staff involved this will be a frightening time: will I get my redundancy? If so how much redundancy am I entitled to? How will I pay the mortgage? Will I get a new job?
Hardly the stuff of tidings and joy for those people. Expect to see 100,000 plus people lose their job in January 2009, making this the worst month since the recession of the early 90's. But this will only be the start of much higher job losses for a period of up to 12 months.
Some of the at risk retailers in my view include: Zavvi, DSG International (Currys), Whittards of Chelsea, Ponden Mill and Clinton Cards.
To my regular readers ignore the gloomy prognostications and have a great time over the break.
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