Hardship continues for UK retailers

An expert on struggling retail businesses has predicted a glut of collapses on the high street in the run up to Christmas. Paul McGowan of Hilco, A US group that specialises in the distressed debt of underperforming retail firms, said "Some of them will be going under. There are companies out there which will go into administration imminently. It's going to be a difficult market." Hilco was involved with Allders, taking over £100m of debt from Lehman Brothers as well as advising the administrator, Kroll.