Retail insolvencies continue during COVID19 pandemic
Insolvencies in the retail sector and the demise of our high streets show no sign of abating with TM Lewin and Harveys becoming the latest casualties after administrators were appointed last week.
In the case of TM Lewin in particular, whilst it is reported that the business has been sold, its 66 retail outlets were reportedly not part of that sale and its business will, for the time being at least be conducted solely online.
This represents a further blow to commercial landlords who, at the current rate of attrition, appear likely to struggle to fill vacant premises. Conversely, it arguably places greater bargaining power in the hands of those tenants who remain in situ, when negotiating future rents and property costs.
If you have any concerns or questions regarding insolvency please get in touch and ask to speak with one of our insolvency specialists.