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Retail casualties blame rising costs

A further five retailers across the country have come under pressure this week, with some forced into liquidation and others going online-only to survive.

Midlands-based premium menswear retailer Sa-kis is understood to be close to liquidation. Financial recovery firm Live Recoveries held a meeting of creditors on February 13.

Drapers understands the current plan is to close the Nottingham store but retain the Sheffield branch as part of an expected pre-pack administration.
Wakefield young fashion indie Monkey Clothing is also on the verge of going under, although its website is still trading. The owners had not responded to requests for comment as Drapers went to press.

Premium retailer Serene Order ceased trading on January 20 and was placed into liquidation this week following a meeting of creditors on Monday at the office of MB Insolvency in Droitwich, Worcestershire. Its website will continue to trade, as it is registered as a separate company.

Owner Nad Ahmed said: “The challenges of running a retail business in the UK seemed to grow each season - the combination of a rising cost base and declining footfall has a fast impact on cash ow for independent retailers.”

Men’s young fashion indie Triangle Menswear in Skelmanthorpe, North Yorkshire, has also shut its shop to solely trade online. The store, which opened in 2010, closed at the beginning of this month.

Owner Mark Barrowcliffe said: “The main issue in my opinion is the growing trend for everything under one roof. Being a specialist retailer and keeping to your beliefs of offering new and interesting product just is not enough any more because the customer just wants the ease of free parking and choice, with the younger audience tending to just get their phone out and shop online.”

Minimum order requirements from brands have also put pressure on independent retailers, he said.

Indie Swank Menswear in Leamington Spa, Warwickshire, is also understood to have gone into liquidation. Its website says “back soon”, although suppliers to the store told Drapers it had gone out of business, owing money to several brands. The company could not be contacted.

The managing director of one brand caught up in the fallout said the start of the year was a common time to go bust: “The pressure of rents, rates and
awful weather isn’t helping things.”

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