Recent research shows that in 2021, over 8,700 chain stores have closed due to the major shift in online shopping – partly caused by the coronavirus pandemic.
Overall numbers fell by 5,251 as the number of chain store closures outweighed the number of new store openings.
Out of all chains, fashion-based stores were affected the worst.
Coronavirus, however, is not the only factor to blame for these closures as many stores were already falling short before the pandemic, as they could not keep up with the demands of online shopping.
With stores closing at a rapid rate, tens of thousands of workers roles went with them too.
How can my business avoid insolvency?
Step one: improve cash flow…
Step two: lookout for the warning signs…
Step three: seek expert help!
If you are worried that your company will become insolvent, then it is vital to seek specialist help as soon as possible to find any alternatives open to you and your business.
If you cannot cover your debts or pay your workers’ wages, then you must contact an expert immediately.
Please contact us today for more information.
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