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Trade News Archive 2008 December November October September August July June May April March February January
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22nd December 2008
Slowdown could hurt Irish retail
Struggling retailers in Ireland could cut more than 30,000 jobs in 2009 as the sector prepares to endure two more years of declining spending, a stockbroker has warned.
Speaking to Property Week, Davy Stockbrokers said that the projected job losses equate to ten per cent of those employed in retail across the entire of the Republic of Ireland.
It said that the cuts will be made as shops attempt to survive the recession by reducing their labour costs after the Christmas trading period.
Rossa White, chief economist at the financial adviser, told the website that Irish retailers suffering from poor trading levels over this festive season could well find themselves out of business in early 2009.
Recently, ISME, the Irish Small and Medium Enterprises Association, called on the government to free up more bank credit for small businesses feeling the bite of the credit crunch.
It warned that as many as 54 per cent of companies are being refused applications for new financing by banks.
(c) 2008
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