UK’s Retail Madness: Asos Faces Bankruptcy as It Plunges 40% – Who’s Next?

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Amazon dominates and together with Brexit plan causes the bankruptcy of the retailers in the UK. However, this time it affected an online retailer – Asos.

Read the details on Nexter.org.

Source: ASOS

Retail apocalypse for Asos

Asos Plc plunged 40% in almost 5 years as the Christmas season didn’t start well for the company. This means only that Europe’s retail apocalypse is getting bigger and all the power will be soon in Amazon’s hands.

Asos has already lost $1.8 billion of the market value, showing that the retailers can’t rely on online shopping anymore as it doesn’t make it better for them.

Overall, UK has stopped shopping that much in recent years.

Asos is NOT the only one

At the beginning of 2018, M&S announced some of the stores would be closed, and the rest would be converted into food stores of “Simply Food”. In total, as part of the change in the company’s concept, its head Steve Rowe plans to open 200 new grocery stores.

M&S is going to close 53 of its stores in other countries, including 10 in China and seven in France (other stores located in Belgium, Estonia, Hungary, Lithuania, the Netherlands, Poland, Romania, and Slovakia).

The company said all these stores were unprofitable for several years. Now M&S starts negotiations with about 2 thousand of their employees. So far the programme has affected 1,500 out of 72,000 UK shop workers.

Also, Toys R Us filed for Chapter 11 bankruptcy protection in mid-September. It was taken private in 2005 and tried to compete with both its ecommerce and its brick-and-mortar competitors.

This year was a real hell for the retail industry. More than 8,053 stores announced about closures.

While one retailer is closing, such giant as Amazon is on top, according to the yearly market value and Australia recent expansion.


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UK's Retail Madness: Asos Faces Bankruptcy as It Plunges 40% - Who's Next?
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Amazon dominates and causes the bankruptcy of the retailers in the UK. However, this time it affected an online retailer - Asos. Read the details on Nexter.org. 
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