Home Retail Group, the parent company of Argos
and Homebase, has made 20 per cent of the staff at its
Milton Keynes head office-300 workers-redundant, reports
HousewaresLive.net. Staff from both brands
were affected.
February like-for-like retail sales fell 1.8 per cent,
according to the British Retail Consortium-KPMG Retail Sales
Monitor. Total retail sales for February inched upward a scant
0.1 per cent. And according to The Independent, “Many industry
experts expect more retailers to fold over the coming months as
the consumer recession deepens. Robin Knight, a partner at the
restructuring firm Zolfo Cooper, said: ‘There will undoubtedly
be a further flurry of collapses in the retail sector because
retail is still heavily over-subscribed – there are too many
fascias, stores and too much space. In the next few months, we
will start to see the failure of businesses that were
relatively healthy.’”
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