Wednesday 22 November 2017

Sales are up – but five firms fail every day

RETAIL sales rose slightly in February – although industry analysts warn that five businesses are failing each day.

New data from the CSO showed the volume of sales last month was up 0.3pc from January – but there was no change year on year.

Ibec group Retail Ireland said the slight increase "gives hope" to the retail sector.

But separate statistics from Vision Net warned that for every firm that gets off the ground, another one collapses.

Meanwhile, Vision Net figures also showed that five businesses failed every day in the month of March.

A total of 149 companies were declared insolvent between March 1 and 29 – up 5pc on the same period last year.

Irish Independent

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