The number of corporate insolvencies in the Irish retail sector rose by 52% in the three months to the end of June, according to a new survey.
There were 44 corporate insolvencies in the second quarter of 2015, according to statistics from Deloitte reported by the Irish Independent. This made up 16% of insolvencies across all industries in Ireland, and represented a 52% increase on the previous quarter.
David Van Dessel, a partner in Deloitte’s restructuring services division, said: “The statistics indicate that trading conditions remain extremely difficult for retailers.
“While some consumers feel they may have more to spend, the upturn in the economy is not yet being felt by all. This muted level of increased consumer spend, coupled with legacy issues such as debt levels, means that it is likely to remain a difficult environment for many Irish retailers in the coming months.”