Recent research into store closures has confirmed that the pandemic has had a catastrophic effect on retailers.
Although pre pandemic the retail industry was struggling with more and more people shopping online, post pandemic, from January to July 2020, around 11,000 shops closed their doors.
The outlook for the future of the retail industry is not very good either. It is clear that Covid-19 is not going to go away and the forecast is that we will see many more store closures, particularly now that the furlough scheme is about to end and more areas are being placed in local lockdown.
There is a glimmer of hope for local, independent stores as it seems that because of working from home, we are now shopping locally more and more.
For more information on bankruptcy, liquidation, administration and all the other insolvency procedures, or to take advantage of our free consultation and business health check, please telephone Stella on 01377 257788 and she will make you an appointment with one of our insolvency professionals at our Driffield, Scunthorpe or York offices. Meetings can be held virtually or in any of our offices whilst observing the socially distancing guidelines.