News roundup—10th March 2009

News roundup—10th March 2009

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 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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