More than 465 bricks-and-mortar stores closed their doors for good in the US over the weekend, sparking headlines that the retail apocalypse is alive and well.
And while the store closure surge was primarily driven by retailers, such as Gap, J.C. Penney and Victorias Secret, rightsizing their footprints after a slow December, rather than businesses going bankrupt, it comes as retail insolvencies in Australia are on the rise.
This is according to the fourth annual Worrells Insolvency Report, which revealed that retail had the fourth highest rate of insolvency rate of any industry during FY17-18.
Retail insolvencies accounted for 8 per cent of total insolvencies in the period, compared to 7 per cent the year prior. Within the sector, t…
Read the full article at: https://www.insideretail.com.au/news/retail-insolvencies-on-the-rise-report-finds-201903