Retail stock values have taken a massive £1.3 billion hit in recent days as the collapse of Maplin and Toys R Us UK dragged down expectations for the sector at large.
According to City AM, the total market capitalisation of non-food retailers in the FTSE350 plummeted by £500 million on Wednesday and continued to fall yesterday.
The news comes after two major high street retailers, Maplin and Toys R Us, fell into administration on Wednesday, threatening more than 5000 jobs.
Furthermore, this week Carpetright issued a profit warning, while New Look announced plans to close around 60 stores.
Other retailers including House of Fraser have had their credit insurance slashed, while Card Factory, Laura Ashley and Moss Bros have all released profit warnings.
The recent collapse of Toys R Us and Maplin could bring 2018’s retail redundancy count to over 20,000, a figure not seen since the financial crisis of 2008.