Retailers are collapsing at a rate of seven per day, according to a new survey published yesterday.
The research, published by accountants PricewaterhouseCoopers (PwC), showed that 705 retailers went bust during the first three months of the year - representing a 60 per cent increase on the same period of the previous year, and a 24 per cent increase on the final quarter of 2008.
As previously reported, the UK"s GDP also suffered during the first quarter of this year, with output falling by 1.9 per cent - higher than previously expected.
Andrew Garbutt, retail director at PwC, said that "low sales volumes and debt burdens" will continue to make for a precarious environment for many retailers. But it is generally expected that these first quarter insolvency figures will be the worst during the current recession, with the rate at which retailers go bust slowing from the beginning of the second quarter.
