Failing high streets on ‘critical list’ as recession threatens more shop closures

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Dozens of towns and cities across Britain are being warned they are on a ‘critical list’ of failing high streets, with some of their shops given a one in four chance of shutting down.The Sunday Telegraph can reveal that affluent areas of Kent and Sussex join the likes of Manchester and Glasgow on a roll-call of shopping areas that are likely to see more closures as high rents and a shortage of bank loans take their toll on retailers.Market towns such as Arundel and Rye feature on the watch list, compiled by retail and credit analysts, Experian.

Creditors to Zavvi, the music and video chain that fell into administration late last year, are set to receive as little as 5p for every pound they are owed by the collapsed retailer.
Unsecured creditors, who are owed nearly £20m, will be paid between five and 10p in every pound, according to administrators Ernst & Young (E&Y), the accountancy firm.The forecast payout of £1m to £2m compares to the £3.2m earned by E&Y since its appointment as administrator to the business last December


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