Pressure down to rising costs and weak consumer demand, says report, with firms at ‘critical’ stage soaring 25%

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More than 28,000 retailers are facing “significant” financial distress at the end of 2024, driven by rising business costs and weak consumer confidence, according to a report.

The number of retailers under the more severe measure of “critical” financial distress jumped 25% to 2,124 in the final three months of the year compared with the previous quarter, said the insolvency specialists Begbies Traynor.