Retail and hospitality braces for a bleak winter as covid-19 takes its toll
Posted On: 22nd December 2020
In the run-up to Christmas, new data from leading insolvency firm, Begbies Traynor, has revealed the full impact of the Covid-19 crisis and tough trading conditions, which shows that nearly 40,000 (39,232) retailers – including both online and bricks and mortar stores – are now in significant financial distress.
- Number of retailers in ‘significant’ distress leaps 24% in Q4 2020
- Nearly 11,500 online retail operators now facing financial difficulties
- Hospitality struggling with 34% increase in significant distress for hotels & accommodation and 18% increase for bars & restaurants
In the run-up to Christmas, new data from leading insolvency firm, Begbies Traynor, has revealed the full impact of the Covid-19 crisis and tough trading conditions, which shows that nearly 40,000 (39,232) retailers – including both online and bricks and mortar stores – are now in significant financial distress.
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