Management blamed increasing rent bills from its large warehouse-style stores as contributing to its collapse, while competition from online retailers and falling footfall put pressure on its profits.

While it is difficult being a business owner and complacency is understandable, it is not encouraged. If retailers are to survive the cold winter they must take responsibility for their failures. If your profits are falling then change your business, and expand your enterprise in a way that will attract more consumers. After all, the shopping experience offered by high street retailers is something that websites cannot accomplish. While Argos and other predominantly online retailers may have contributed to its failure, it was the toy retailer’s decision to shut up shop.

Here at the Credit Protection Association, we encourage our members to make changes. If they’re struggling to keep up with larger competitors then we encourage them to invest in a larger workspace, or new technology and equipment. We offer a debt recovery service that frees up cash flow, chases late payers and recovers old debt, providing owners with the financial tools to try something new.

It’s not enough to improve on what you got, however, you must protect it. The collapse of Toys R Us promotes the vulnerability of modern business- whatever their size. Here at CPA, we offer our members credit reports and other credit checking facilities, which not only look out for the big companies but also the suppliers and customers further down the supply chain.  Our credit management products, from credit reports to company directories, put the owner confidently in the power seat. If your customer has a history of late payments or bad payment practices, you will be alerted to the fact, and will have the power to deal with the situation as you wish. We also encourage our members to act early. If your customer is a bad payer , don’t let them take the easy way out, as you won’t get paid if they go into liquidation.