The year 2020 began with tough times for a number of brick-and-mortar chain retailers. The novel coronavirus outbreak made the situation even more struggling for retailers. This article will tell you about bankruptcies and layoffs. Also, you’ll know who can best help you compare merchant services in the UK to go with the right one for your company.
Retail Industry: Bankruptcies & Layoffs
The coronavirus pandemic made so many businesses go through thick and thin. Lots of companies filed for bankruptcy. Before the outbreak happened, they’ve already been struggling to survive because of dropped sales in their physical stores.
UK retailer Laura Ashley went into administration, meaning filed for bankruptcy in March. A month later, an American restructuring company helped the retailer get out of the situation. However, Laura Ashley closed some of its stores, had layoffs and furloughs.
UK department store group Debenhams got out of the same situation last year, thanks to its lenders. Now, the company has decided to go into administration to protect itself from creditors.Only a small percentage of Debenhams stores will again open their doors.This isn’t the whole list.
Compare Merchant Services UK to Find the Best
Retail chains have already witnessed 40% dip in prices for new merchandise sold via eCommerce. Shoppers are cancelling more and more orders for the pre-fall season. One of the retail analysts at Forrester, SucharitaKodali, notes that it’s unclear what Q4 will be bring about. However, Kodali recommends starting to put the orders in now.
What about your own business? Are you working with a reliable and experienced merchant-services provider that can help you keep your business afloat? If you’re looking for one, cponsider turning to a reputable comparison expert in the UK that pays special attention to terms, complaints, and integration.
Thanks to a respectable merchant-services comparison specialist, you can stay away from unclear terminology, unnecessary expenses, and dishonest sales tactics. Look for a comparison company goes through major review and complaints sites so you can be sure to enjoy the most trustworthy snapshot of merchant-services providers at the time of writing.
Because of the COVID-19 outbreak, so many retailers closed their doors around the globe. As a result, the retail sector got disrupted and many businesses ended up with bankruptcies and layoffs. To keep your business alive, it’s critical to work with the right merchant-services company.
Author Bio: Payment industry guru Taylor Cole is a passionate payments expert who understands the complex world of merchant accounts and can best help you compare merchant services in the UK. He also writes non-fiction, on subjects ranging from personal finance to stocks to cryptopay. He enjoys eating pie on his backyard porch, as should all right-thinking people.