Almost 190,000 retail jobs axed in high street turmoil since first lockdown
The devastating impact of the pandemic has resulted in 15,153 store closures in shopping destinations across the UK.
The devastating impact of the pandemic has resulted in 15,153 store closures in shopping destinations across the UK.
The company, which was bought by Mr Jones’s PJ Investment Group in 2013, currently employs 120 staff and runs 17 stores.
Shares in the company soared higher on Monday morning after it revealed £500m in new debt facilities.
The National Insurance Fund paid the cash to ex-staff at bust firms last year – although the number of insolvent companies was down on 2019.
The chain, which was founded in 1992 by chief Daniel Rubin, employs around 1,200 people.
It is understood the retailer’s decision to move towards administration was particularly driven by poor sales in November and December.
New data from the Centre for Retail Research (CRR) has shown about 3,400 jobs within the retail sector vanished each week in 2020.
Carphone Warehouse and Mothercare were among major brands closing their stores this year.
Thousands of restaurant workers lost their jobs after the hospitality sector was battered by the impact of the pandemic.
None of the company’s stores will close, and no jobs will be lost under the new deal, Clarks has said.
The arrangement will see 25 stores move to turnover-based rent.
The group said it expects the first quarter of 2021 to be ‘extremely challenging’ amid current tiered restrictions.
The group said financial support for drinks-focused bars was ‘welcomed but totally inadequate’.
The retailer said more than 80% of its creditors voted in favour of the deal, surpassing the 75% threshold required to pass the move.
Jobs are at risk at Arcadia Group, Debenhams and Bonmarche after retailers were hit hard by the pandemic.