Yet while the landscape may be looking difficult for many high street retailers, there is at least consolation for consumers with increased competition in the market forcing prices down and many retailers offering significant discounts.

What has happened to Barratts?

During its previous administration two years ago, Barratts was forced to close 220 of its 380 stores. The company also operates 371 concessions in department stores across the UK and Ireland. It is now said to be working closely with suppliers to ensure the business has the best possible platform to secure a sale, preserve jobs and generate as much value as possible for its creditors.

Barratts is certainly not alone however, among high street names that have been hit hard by the after-effects of the recession and weak demand.

For example, home furnishings store Habitat went into administration in June, as did Jane Norman. Similarly, Focus DIY went into administration in May. Other companies have been affected too with HMV selling its Waterstone’s book retail chain to refocus its business and Carpetright closing 38 of its stores since March, 2010.

How can consumers benefit?

The troubles for Barratts and other retailers are born from the fact that consumers simply don’t have as much disposable income to spend as they had before. With unemployment figures rising, and the costs of fuel and mortgages increasing, many of us are struggling to make ends meet, which has a direct effect on our spending.

However, typically around Christmas time, many of us break with these habits and spend to ensure no-one is disappointed over the festive season. This is where the present climate can play to our benefit – because retailers are so desperate for business they are slashing prices on numerous products.

The clothing and shoes sector is one such industry – with fashion voucher codes available from numerous retailers. For example, there is a Barratts voucher code offering free delivery on web orders over £50. Other savings include: 20 per cent off when you spend over £75 at Crave Maternity this winter; 50 per cent off plus free postage and packaging on all knitwear at Brook Taverner; and 15 per cent off all full-priced dresses at BOX Clothing. Check out the fashion voucher codes section of 5hop5.ie for many more discounts and offers.