Withdrawal of Credit Cover to the UK Retail Industry: A Case on Credit Crisis

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Case Details:

Case Code : FINC054
Case Length : 18 Pages
Period : 2008-2009
Pub. Date : 2009
Teaching Note :Not Available
Organization : Euler Hermes, Atradius and Coface, Woolworths
Industry : Retail and Credit Insurance
Countries : UK

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This case study was compiled from published sources, and is intended to be used as a basis for class discussion. It is not intended to illustrate either effective or ineffective handling of a management situation. Nor is it a primary information source.

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Excerpts

Background Note

Trade credit insurance companies provided credit cover to their customers to insure them against the risk of buyer insolvency to whom they supplied. It was an arrangement under which the suppliers agreed to supply goods and services to companies in return for payment after certain duration...

The Ailing UK Retail Industry

In the year 2008, the retail sales in the UK amounted to ₤ 278 billion, comprising nearly 8 percent of the country's GDP. This sale was generated by a total of 197,990 retailers that employed about 11 percent of the country's workforce as of 2008...

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The Victims and the Survivors

THE VICTIMS
The first to be hit were the houseware retailers followed by other specialty retailers such as furniture, electronic goods and equipment, and other luxury categories such as fashion clothing...

Government Intervention

In October and November 2008, the UK government came up with a host of measures to stimulate the economy. The package comprised economic revival measures by the government, both in terms of financial support to the banking system and direct incentives to the UK industrial sector...

The Suggestions

Some analysts felt that the relief measures announced by the UK government for the retailers were of little use in reviving the ailing UK retail industry. The measures announced to ease the problems in trade credit insurance too were considered inadequate by the credit insurers...

Exhibits

Exhibit I: Household Final Consumption Expenditure (HFCE) in the UK
(1997-2008)
Exhibit II: The UK Retail Industry (2007-08)

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