Consumer/Retail

• PR - UK Business Failures Set to Reach Five Year High
  The number of companies becoming insolvent in the United Kingdom will rise in 2008 to its highest level since 2003 according to new research from accountants and business advisers BDO Stoy Hayward. The latest Industry Watch report forecasts that business failures will rise to 17,697 in 2008 – a nine per cent increase on 2007 – as the credit crunch and higher interest rates bites slowing economic growth to 1.8 per cent. Business failures are predicted to escalate even further in 2009 to 18,142 taking insolvency rates to levels not seen since the dot.com bubble burst. Business failures in 2003 stood at 17,546. Sectors forecast to be worst hit are the manufacturing, retail, property and construction and services sectors. Manufacturing malaise A combination of factors including a weakening world economy, tougher international competition, high oil prices and decline in production are predicted to increase business failure rates in the manufacturing sector to 1,994 in 2008 from 1,887 in 2007. Shoppers switch from spending to saving Consumer spending growth is predicted to fall sharply in 2008 to 1.6 per cent from 2.8 per cent in 2007, as interest rate hikes encourage shoppers to save rather than spend. It is predicted that the numbers of businesses going bust will increase from 1,297 in 2007 to 1,382 in 2008.Bricks and mortar businesses set to suffer Mortgage approvals are at their lowest level since August 2005 and with an estimated 1.4 million households short-term fixed rate deals due to expire in 2008, predictions of a slowdown in the housing market look set to be realised. This will cause delays in construction projects and is likely to result in business failures in this sector rising from 2,345 to 2,576 between 2007 and 2008.Services to suffer slowdown 3,757 businesses in the services sector are expected to face insolvency in 2008, an increase of 15 per cent from 2007. A significant proportion of these companies are predicted to be from the financial services industry. Financial services has largely supported growth in the economy to date but with businesses in this sector set to be most vulnerable to the fall out from the US sub-prime mortgage market and the global credit crunch, business failures will accelerate as a result . Shay Bannon, Business Restructuring Partner at BDO Stoy Hayward LLP, said: “British business faces a tough time next year with the number of business failures set to reach levels not seen for five years. Businesses in most sectors will need to prepare for a more challenging economic environment as the global credit crisis kicks in. “It’s a pretty gloomy picture but the good news is that business failure rates are still a way off from reaching 2002 levels which saw almost 20,000 companies go bust. There are also glimmers of hope for industries such as retail predicted to be bolstered if the Bank of England slashes interest rates and the property sector which will be supported by the build up to the Olympics. Industry Watch is a quarterly projection of company failures in the UK over the coming three years, analysed by industry. It draws on published figures for five types of business failure and extrapolates into the future using detailed economic forecasts by the centre for economics and business research. BDO Stoy Hayward is the UK member firm of BDO International, the world’s fifth largest accountancy network, with more than 600 offices in over 100 countries.
• PR - RentBureau Data Added to SelectRent
  Atlanta-based RentBureau, the first national online repository of rental payment histories, has aligned with RHR Information Services, Inc. to make apartment rental payment histories available as part of SelectRent, RHR’s comprehensive residential screening service, announced Bill Garrity, RentBureau, senior vice president of Member Services. Through its alliance with RentBureau, multifamily owners and managers using SelectRent will have access to over three and a half million rental payment records available through RentBureau’s National Rental Data Exchange (NRDE) database. “By adding RentBureau’s rental payment data to our reports, we can provide our clients with a wider, more comprehensive view of potential residents’ ability to pay rent, thereby reducing their risk of skips, evictions, and bad debt,” said Tony Karels, National Sales Manager for RHR Information Services. SelectRent is currently used by the owners and managers of over 100,000 apartment units in Minnesota. RentBureau’s rental payment data will be used by Minnesota apartment owners and managers to make informed leasing decisions that will improve the value of their properties,” said Garrity. “RHR Information Services recognizes that previous rental histories are a great predictor of future rental payments.” RentBureau is the first national system providing apartment owners and managers with accurate and current rental payment histories of apartment residents and applicants. Every 24 hours, RentBureau automatically and securely collects resident rental payment information from its members’ existing property management software. RHR Information Services is a leader in pre-employment and residential background screening services in the Midwest marketplace.
• Executive Change: James Wiedenbeck to American Debt Management as CFO
  American Debt Management, LLC Wednesday announced the addition of James M. Wiedenbeck to its Executive Team. Mr. Wiedenbeck will serve ADM as its Chief Financial Officer and Director of Negotiations. Mr. Wiedenbeck brings with him a wealth of debt collection industry experience from his management experience with several Buffalo, N.Y.-area collection agencies and debt purchasers. He also brings with him experience in the realm of collection industry law and regulation. This extensive experience will help ADM negotiate more easily with creditors and collection agencies on behalf of their clients. Mr. Wiedenbeck mentions, “I look forward to working with our negotiations team and helping them to better understand creditors and the debt collection industry. Having this 'inside knowledge' is going to help our customers tremendously.”ADM is committed to helping its customers overcome the obstacles of consumer debt, while helping the customer rebuild their credit rating.
• PR - Foreclosures Rise 68% from Year Ago
  RealtyTrac, an online marketplace for foreclosure properties, today released its November 2007 U.S. Foreclosure Market Report, which shows a total of 201,950 foreclosure filings — default notices, auction sale notices and bank repossessions — were reported during the month, down 10 percent from the previous month but still up nearly 68 percent from November 2006. The national foreclosure rate for the month was one foreclosure filing for every 617 households. “The 10 percent drop in November is the first double-digit monthly decrease we’ve seen since April 2006,” said James J. Saccacio, chief executive officer of RealtyTrac. “This could indicate that foreclosure activity has topped out for the year, but the true test of whether this ceiling will hold will come at the beginning of next year — when we anticipate that a seasonal surge in foreclosure filings and another possible wave of resetting mortgages could place further pressure on the housing market." Nevada, Florida, Ohio post top state foreclosure rates With one foreclosure filing for every 152 households — more than four times the national average — Nevada continued to register the nation’s top state foreclosure rate for the 11th straight month. A total of 6,694 foreclosure filings were reported in the state for the month, up 1 percent from the previous month and up 167 percent from November 2006. Florida’s November foreclosure rate of one foreclosure filing for every 282 households ranked second highest among the states — up from the state’s ranking of third highest the previous month despite a 3 percent month-to-month decrease in foreclosure activity. A total of 29,238 foreclosure filings were reported in the state for the month, up 212 percent from November 2006. Foreclosure activity in Ohio was down nearly 6 percent from the previous month, but the state’s foreclosure rate of one foreclosure filing for every 307 households still ranked third highest among the states — up from fourth highest the previous month. A total of 16,308 foreclosure filings were reported in the state for the month, an increase of nearly 99 percent from November 2006. Other states with foreclosure rates ranking among the nation’s 10 highest were Colorado, California, Michigan, Georgia, A