This week, Jeanswest went into administration, blaming “tough market conditions”, and earlier in January McWilliams Wines, the 140 year old family run wine company appointed administrators.
Retail sales performance is impacted by consumer confidence, and according to the Melbourne Institute and Westpac Bank Consumer Sentiment Index for Australia, consumer confidence declined 1.9 percent month-over-month to 95.1 in December 2019. When combined with the significant growth in online shopping, this is a worrying trend for both retailers and those businesses that supply goods and services to the ‘bricks and mortar’ retail sector on credit terms.
Supplies to the retail sector need to ensure their internal credit management procedures are robust, and that they have a reliable partner to assist them through the debt recovery process when needed.
A combination of well-defined internal processes, timely follow-up, quality credit documentation and a trusted debt recovery partner, all come together to support cash flow and put the odds in your favour of reducing the risk of a bad debt.
If you need help to recover your overdue business debts, call AMPAC on 1300 426 722 or email us at firstname.lastname@example.org
Do you have debt that needs recovering? Are you unsure on where to start? Contact AMPAC Debt Recovery for solutions today and speak to one of our qualified consultants to get you started.