In fashion, out of work

Store closures, shrinking fashion departments and brands going bust has meant

15,000 people in retail are without work, according to restructuring firm FRP Advisory.

Following 16 retail administrations this year alone, FRP Advisory partner Glyn Mummery said that “the high street will be unlikely to ever return to anything approaching the format and density of shops that existed before the financial crisis of 2008”, Drapers reported.

Mummery added that he does not expect any “significant further uptick in high street administrations until late December when any underperformance in pre-Christmas trading traditionally forces store owners to take tough decisions over chronic sales declines".

By the end of Q3 this year, the store survival rate among chains that went into administration this year had dropped to 29 percent - the lowest level for three years – FRP Advisory found.