The high street, a real wolf pit filled with competitors of all shapes and sizes not to mention the ever changing consumer habits. 2018 has had a real turbulent start for both the high street, restuarants and construction industries. The collapse of Carillion has seen 1,000 people be laid off.
Meanwhile in Plymouth, Babcock has confirmed that 500 jobs will have to go at its Devonport dock yard.
However, it is on the high street where people are feeling both the pinch in their pockets and also an increased concern over their job security.
In the last week or 2 we have heard that Toys R Us in Exeter has gone into Administration and Maplin’s also entered into formal administration putting 5,500 jobs at risk across the UK.
Torquay, New Look to close
Meanwhile in Torquay, it has been confirmed that New Look, trying to fight off administration itself, is shutting down 10% of its 593 stores, Torquay is one of those stores that has been identified to be closed.
The closure of some 60 stores will put 980 people out of work. New Look has recently, March 7th 2018, entered into a formal CVA (Company Voluntary Agreement) in an attempt to improve operational performance.
New Look has said that of the 980 redundancies it will seek to redeploy members of staff where they can.
Just across the way in Union Square we have heard, on the grape vine, that both That’s Entertainment and Pound World are both experiencing challenging trading conditions.
Prezzo’s, fighting off administration
Meanwhile, if you’re a huge fan of Italian food, quite like me, then you will be quite surprised to hear that Prezzos is expected to close a third of its entire restaurants here in the UK, putting over 1,000 jobs at risk.
Prezzo’s is also seeking to enter into a CVA (Company Voluntary Arrangement) with its creditors in an attempt to reduce its rents.
Some 100 of its 300 restaurants are not profitable, however Prezzos is thought to be in a better position than some of its nearest competitors including Jamie’s Italian and Byron with a £5m profit made last year and £11m in the bank.
It is thought that of the 100 restraurants set to close Torquay is not one of them. Have been to the restaurant on a regular occasion both for valentines day and for my 21st birthday its clear that the restaurant still has a loyal following and customer base.