Insolvencies across the board are on the rise, including in fashion. Christopher Kelly speaks with insolvency firm Jirsch Sutherland to learn how business leaders can navigate the fall.
Retail trade is the fourth highest sector when it comes to insolvencies. This is according to the Australian Securities and Investments Commission (ASIC) in a report that shows overall insolvency appointments recently peaked at 1,400 in March 2024. This is up from 1,276 in February, and 799 in January.
Interestingly, insolvencies in January are generally quiet compared to the rest of the year, but January 2024 is a lift of 61.7 per cent on January 2023.
The same report also shows that retail-specific insolvency appointments have steadily risen since…
