{"id":8195,"date":"2022-12-27T23:44:35","date_gmt":"2022-12-27T23:44:35","guid":{"rendered":"https:\/\/dmsretail.com\/RetailNews\/the-9-retailers-that-went-bust-this-year\/"},"modified":"2022-12-27T23:44:35","modified_gmt":"2022-12-27T23:44:35","slug":"the-9-retailers-that-went-bust-this-year","status":"publish","type":"post","link":"https:\/\/dmsretail.com\/RetailNews\/the-9-retailers-that-went-bust-this-year\/","title":{"rendered":"The 9 retailers that went bust this year"},"content":{"rendered":"

\"Retail<\/a><\/p>
\n<\/p>\n

\n
\"9<\/div>\n

The sector has had its fair share of collapses this year, which has resulted in some of the industry\u2019s biggest acquisitions.<\/p>\n

As the year draws to a close, Retail Gazette takes a look back at the retailers that went bust over the past 12 months<\/p>\n

Studio Retail<\/h3>\n

Collapsed: February<\/p>\n

\"Frasers<\/p>\n

Studio Retail collapsed at the beginning of the year after attempts to secure emergency funding failed.<\/p>\n

Despite being a high-flyer of the pandemic,iStudio was one of the many retailers that were hit hard by last year\u2019s supply chain delays which resulted in it struggling to shift excess stock.<\/p>\n

This resulted in Studio needing to apply for additional funding in the interim but its request for a \u00a325 million short-term loan from its bank was denied.<\/p>\n

Shortly after falling into administration in February, it was picked up by Mike Ashley\u2019s Frasers Group, which had been its biggest shareholder with a 28.9% stake in Studio before its collapse, for \u00a326.8 million.<\/p>\n

TM Lewin<\/h3>\n

Collapsed: March<\/span><\/p>\n

\"Unsecured<\/p>\n

TM Lewin struggled to recover from the pandemic, when the demand for formalwear waned, and fell into administration in March for the second time in two years.<\/span><\/p>\n

The men\u2019s formalwear retailer first collapsed in 2020 after Covid-19 restrictions dampened in store sales and its newly established online presence failed to compete with rivals.<\/span><\/p>\n

However, the retailer was rescued by its main lender The Petra Group, which has since relaunched the retailer\u2019s website with plans to open flagships.<\/p>\n

Sofa Workshop<\/h3>\n

Collapsed: April<\/span><\/p>\n

\"Sofa<\/p>\n

Sofa Workshop closed its doors for the last time in April after it failed to be rescued from administration.<\/span><\/p>\n

The retailer cited supply chain challenges and rising costs had led to consistent trading losses.<\/span><\/p>\n

Administrators said increasing costs to import goods from Asia and leftover Covid-related supply disruption meant the business was unable to meet its payments.<\/span><\/p>\n

McColl\u2019s<\/h3>\n

Collapsed: May<\/span><\/p>\n

\"Morrisons\"<\/p>\n

McColl\u2019s collapsed into administration in May after talks with lenders for an emergency cash injection or a potential sale failed.<\/span><\/p>\n

The convenience store chain reported \u201csofter trading\u201d in March as a result of reduced consumer spending and continued supply chain disruption across the industry.<\/span><\/p>\n

The group had accumulated debts of around \u00a3170 million.<\/span><\/p>\n

Following its collapse in May, McColl\u2019s was the subject of a bidding war between Asda and Morrisons, with the latter emerging victorious. It snapped up the convenience chain in a \u00a3190 million deal which saw all its staff, UK stores and pension schemes saved.<\/span><\/p>\n

Morrisons, which had partnered with the chain in 2021, is in the midst of converting the remaining McColl\u2019s stores into its Daily format.<\/span><\/p>\n

Missguided<\/h3>\n

Collapsed: May<\/span><\/p>\n

\"Missguided\"<\/p>\n

Missguided collapsed in May after experiencing ongoing financial troubles since 2021.<\/span><\/p>\n

The retailer had sold 50% of the business to distress specialists Alteri Investors in late 2021 as it sought emergency funding.<\/span><\/p>\n

The final straw for the etailer was when clothing suppliers owed millions from the brand filed a winding-up petition.<\/span><\/p>\n

The retailer attracted interest from businesses including Boohoo, JD Sports, and Shein, however, Frasers Group ended up buying the etailer out of administration in June.<\/p>\n

Eve Sleep<\/h3>\n

Collapsed: October<\/span><\/p>\n

\"Shares<\/p>\n

Eve Sleep collapsed in October after efforts to secure additional funding or a sale failed.<\/span><\/p>\n

In September, the brand reported sales for the year had plummeted 18% in what bosses described as a \u201c<\/span>truly unprecedentedly appalling market conditions\u201d.<\/span><\/p>\n

The retailer was forced to focus on its most profitable lines and slashed annual overheads by \u00a32.5 million.<\/span><\/p>\n

Eve Sleep\u2019s brand and intellectual property were purchased by Bensons for Beds in October for \u00a3600,000.<\/span><\/p>\n

Joules<\/h3>\n

Collapsed: November<\/span><\/p>\n

\"Joules\"<\/p>\n

Early signs of Joules\u2019 collapse began last December when the yellow raincoat favourite warned supply chain challenges would hit trading.<\/span><\/p>\n

Faced with higher costs from stock delays, the brand began discounting products to shift excess out of season stock.<\/span><\/p>\n

The retailer struggled to bounce back from the hit to its trading and recover profit margins.<\/span><\/p>\n

It collapsed in November and was bought out by Next and founder Tom Joule in a \u00a334 million deal earlier this month.<\/span><\/p>\n

Made.com<\/h3>\n

Collapsed: November<\/span><\/p>\n

\"Made.com\"<\/p>\n

Made.com was a big winner of the pandemic, however, it fell victim to the cost-of-living crisis and a move away from online shopping.<\/span><\/p>\n

In September, the furniture retailer posted a \u00a335.3 million loss before tax for the six months to 30 June as homeware demand waned\/<\/span><\/p>\n

It then put itself up for sale following an unsuccessful fundraising round but potential buyers failed to meet the retailer\u2019s end of October deadline.<\/span><\/p>\n

The online retailer then plunged into administration at the start of November.<\/span><\/p>\n

Shortly after, Next swooped in to buy the brand, domain names and intellectual property in a \u00a33.4 million deal.<\/span><\/p>\n

Last week, Made.com board members begun the process to formerly liquidate the business.<\/p>\n

M&Co<\/h3>\n

Collapsed: December<\/span><\/p>\n

\"M&Co\"<\/p>\n

M&Co collapsed once again in December, just two years after its previous administration, after \u201cincreased pressure on cash flows and trading losses\u201d pushed it to over the edge.<\/span><\/p>\n

The retailer, which has around 180 stores across the UK, appointed Teneo as administrators. It is vying to sell the value fashion chain.<\/span><\/p>\n

Around 35 staff members at the retailer\u2019s Scottish head office, working in its marketing and IT department and production studios have been made redundant.<\/span><\/p>\n

M&Co first collapsed back in 2020 but was bought out by<\/span> its existing owners the McGeoch family in a pre-package deal.<\/span><\/p>\n

Click here to sign up to Retail Gazette\u2018s free daily email newsletter<\/strong><\/em><\/p>\n<\/p><\/div>\n

\"Retail<\/a><\/p>
<\/p>\n","protected":false},"excerpt":{"rendered":"

The sector has had its fair share of collapses this year, which has resulted in some of the industry\u2019s biggest acquisitions. As the year draws […]<\/p>\n","protected":false},"author":1,"featured_media":8196,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-8195","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog"],"_links":{"self":[{"href":"https:\/\/dmsretail.com\/RetailNews\/wp-json\/wp\/v2\/posts\/8195","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dmsretail.com\/RetailNews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dmsretail.com\/RetailNews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dmsretail.com\/RetailNews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dmsretail.com\/RetailNews\/wp-json\/wp\/v2\/comments?post=8195"}],"version-history":[{"count":0,"href":"https:\/\/dmsretail.com\/RetailNews\/wp-json\/wp\/v2\/posts\/8195\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dmsretail.com\/RetailNews\/wp-json\/wp\/v2\/media\/8196"}],"wp:attachment":[{"href":"https:\/\/dmsretail.com\/RetailNews\/wp-json\/wp\/v2\/media?parent=8195"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dmsretail.com\/RetailNews\/wp-json\/wp\/v2\/categories?post=8195"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dmsretail.com\/RetailNews\/wp-json\/wp\/v2\/tags?post=8195"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}