The retail industry is “significantly worse off” than this time last year, according to figures from PwC.
Retail insolvencies are up 10.3% in the second quarter of 2012 compared to the same quarter of last year.
There were 426 insolvencies in the retail sector in the second quarter of 2012 compared to 386 a year ago.
However, the overall picture is less bleak with 3,927 corporate insolvencies across all sectors in the second quarter, which is 11% down on the first quarter of 2012 (4,406) and 3% down on the same quarter in 2011 (4,055).PwC business recovery partner and retail specialist Mike Jervis said: “There has been a clear reduction in the incidence of insolvencies over the current recession compared to previous ones.
“Retail is the sector which keeps bucking this trend, in fact, quarter on quarter retail insolvencies have increased for every one of the last 4 quarters.
“The high street environment continues to be challenging and quarter two has seen Clintons, Game and Julian Graves go into administration.”
The worst affected sectors continue to include construction (644 companies), manufacturing (427), retail (426), hospitality & leisure (332) and real estate (169).
But sectors such as construction, hospitality and leisure, have had fewer insolvencies during the second quarter of 2012 than the same period last year.