Some chains have not survived, Byron Burger fell into administration last year, with owners saying it would result in the loss of over 200 jobs.”The cost-of-living crisis, inflation and increases in interest rates have led many consumers to tighten their belts, reducing retail spend,” Prof Bamfield said.

Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and storiesThe centre’s director, Professor Joshua Bamfield, said the improvement is “less bad” than good.The pub said January 4 would be its last evening of trading. The number of jobs lost in British retail dropped last year, but 120,000 people still lost their employment, figures have suggested.

 Stonegate, has raised fears about its survival as it races to plug its debts.RETAILERS have been feeling the squeeze since the pandemic, while shoppers are cutting back on spending due to the soaring cost of living crisis.Tasty, the owner of Wildwood, said it will shut sites as part of major restructuring plans.However, experts have warned there will likely be more failures this year as consumers keep their belts tight and borrowing costs soar for businesses.

Fans have described the closure as the ‘end of an era’ and said ‘there’s no other pub like it’ in the town. As well as showing live sport the Marston’s pub had pool tables and darts boards.

In a social media post the landlords said: “The building has been up for sale for some time with the intentions of it being turned into a residential property.”Alongside Wilko, which employed around 12,000 people when it collapsed, 2023’s biggest failures included Paperchase, Cath Kidston, Planet Organic and Tile Giant.

What is happening to the hospitality industry?

Many Food and drink chains have been struggling in recently as the cost of living has led to fewer people spending on eating out.A third added: “End of an Era. Had some of my best moments watching the football and boxing over the years!”And Revolution Bars Group is also carrying out a string of closures. Another said: “This is such sad news – have been going to the Sarah Moore for years – love the pub! Awful to hear it’s being turned into flats – there’s no other pub like it in Leigh.”The pub bosses added: “We would like to thank all our staff and the amazing customers over the years that we have been here, we appreciate everyone and have had some really good laughs.Multiple chains have been affected, resulting in big-name brands like Wetherspoons and Frankie & Benny’s closing branches.The company plans to close 25 locations across the UK is part of a restructuring plan granted approval by the High Court.”We plan to see out the next nine weeks with a bang and have plenty of events arranged. But please all pop down on January 4 for the last night of trade – we want the pub to end in style.”The pub’s fans shared their disappointment that it would close.

The Sarah Moore sports pub in Leigh-on-Sea, Essex, will be turned into a residential property after it closes its doors, to the devastation of locals. The Centre for Retail Research said most stores were closed because companies were trying to reorganise and cut costs rather than the business failing.

It was fewer shops than had been lost for several years, and a reduction from 151,641 jobs lost in 2022.”Retailers themselves have suffered increasing energy and occupancy costs, staff shortages and falling demand that have made rebuilding profits after extensive store closures during the pandemic exceptionally difficult.”