UK retailers going bust jumps 38 percent in quarter

The number of British retailers going bust jumped 38 percent to 670 in the first quarter of 2012, up from 486 in the fourth quarter, as the country slumped to a double dip recession, according to a survey from accountancy firm Wilkins Kennedy.

"Last year was bad but this year is even worse. Retailers are still struggling with rents that they feel are far above the market rate and banks are particularly reluctant to extend credit to struggling retail businesses," said Anthony Cork, a partner at the firm....Reuters