Bleak winter for four of Britain's high-street retailers
LONDON (AFP) - Four big British high-street retailers had to call in administrators this winter as cash-strapped, web-literate consumers proved unforgiving of stores failing to adapt to fast-evolving markets.
DVD rental chain Blockbuster became the latest casualty on Wednesday, with its British arm entering administration - in which a troubled firm brings in independent financial help in a bid to stay operational - a day after music chain HMV made the same move.
Camera chain Jessops went into administration on Jan 9 and closed its 187 shops shortly after, while electrical firm Comet shut its 235 stores in December. The failures have cost Britain 9,025 jobs, with another 7,780 in the balance.
Mr Bryan Roberts, director of retail insights at analysts Kantar, said this was part of a trend that began with the 2008 financial crisis.