Going Out of Business Is Hottest Trend in U.K. Retail

Stores are closing daily on the U.K.’s shopping streets in a crisis reminiscent of the U.S. retail apocalypse, and there’s no sign of a bottom, Bloomberg News reported. The latest casualties include Kate Middleton’s fashion favorite L.K. Bennett, cake baker Patisserie Valerie and entertainment retailer HMV, which has collapsed into insolvency twice. Department-store chain Debenhams Plc is shutting dozens of outlets as it fights billionaire Mike Ashley’s bid for management control. Rival House of Fraser is shrinking after being rescued by the tycoon last year. With e-commerce giant Amazon.com Inc. luring shoppers away from physical stores, the Brexit deadline looming and discounters piling pressure on mainstream grocers, there’s no relief on the horizon. Insolvencies have jumped by more than a fifth since 2016, with more than 1,200 retailers collapsing last year. Read more