TJ Hughes and Jane Norman are the latest casualties of reduced spending on the high street, as both have gone into administration putting thousands of jobs at risk.

Liverpool based retailer TJ Hughes has 57 stores across the country and has 4,000 employees. The company has filed an intention to appoint an administrator, just three months after being acquired by private equity group Endless. It is thought that the company needed a £30 million cash injection which Endless could not provided, and Ernest and Young are now expected to take control.

Jane Norman fell into administration over the weekend and closed its 89 UK stores after it failed to find a buyer.  The company employees 1,600 staff and has been struggling with reduced sales.

Administrator Zolfo Cooper is currently working on the terms of a pre-pack administration agreement for Jane Norman, and some analysts believe TJ Hughes could also go through a similar package.

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The woes continue for troubled DIY chain Focus after administrators Ernest and Young say they have failed to find a buyer for the group.

This puts 3,000 jobs at risk as 123 of the stores still remain unsold.

The administrators have sold 55 of the stores, with 31 going to B&Q and 13 sold to rival Wickes, but talks are still continuing to find a buyer for the other stores. A liquidation of stock will start this weekend, E&Y announced.

Simon Allport from E&Y said: “While we have been successful in securing up to 900 jobs from the sale of 55 stores in three separate deals, finding a buyer for the whole of the business has not been possible.”

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Bankruptcy is all about statistics, many of them quite shocking, and another has been revealed this week. Official reports have shown that more than 1,100 businesses collapsed every working day last year, the highest level since Office for National Statistics records began a decade ago.

The figures equate to almost one in eight businesses being closed down over the year, with 279,000 firms going under in total.

With each firm employing an average of four to five people, that means around 1.25million people lost their jobs due to the collapse of their employer.

Jane Bennett, head of campaigns at the Forum of Private Business, said: “Many veteran business owners well into their 60s have told us that they have never known such difficult trading conditions. We are by no means out of the woods yet. Businesses are just as vulnerable to failure coming out of a recession as they are during one.”

The worst-hit sectors of business were construction, transport, storage, accommodation, food, information, communication, business administration and support services.

Prue Watson, from the Federation of Small Business, said: “For small businesses, 2009 was an incredibly tough year. Those that did survive faced tough conditions with refusals for loans and overdrafts at a high, big business debtors paying up to 120 days late and a lethal cocktail of a decrease in trade and an increase in costs.”

Three months ago, the Newspaper Association of America released its estimated advertising income review. The review catalogued the spending activities of the newspaper industry’s biggest inventory buyers, showing how major companies and political powers spend their print advertising budget.

The results show a startling, if somewhat expected, conclusion. The newspaper industry has faced years of reduced spending, with advertising revenues shrinking from almost $50 billion in 2000 to just over $25 billion last year.

For the Philadelphia Enquirer, it appears that the near constant decline in advertising expenditure took its toll. The newspaper closed its doors in February 2009 – one of several business bankruptcy cases in the newspaper industry. Just three years before its financial collapse, the paper had been purchased by a Philadelphia-based holdings company for over $500 million.

The company’s assets are to be sold for approximately $139 million over the coming weeks, giving the publishing group’s previous investors a limited return on their financial input. Investment groups Angelo Gordon & Co and Credit Suisse Group AG currently lead bidding on the newspaper’s assets, and plan to complete the sale and asset transfer within the next three months.

After their controversial business bankruptcy filing in 2009, few industry observers predicted that troubled US automaker General Motors could come back swinging. The Detroit-based vehicle manufacturer plans to reopen up to 5000 dealerships as part of its bankruptcy restructuring package, a figure that’s distinctly more optimistic than previous estimates of just 4100.

GM’s management has claimed that the increase in dealerships is due to unnecessary expenses which would be incurred while closing branches. The large company plans to focus on its core brands while excluding those which are less profitable – brands that will be sold through a network of its own dealers.

General Motors’ ownership has been a point of contention amongst financial commentators and economists. The company is now owned primarily by the United States government, who control the majority of company shares due to their bailout finance package. GM’s management remains private, however, drawing executives and managers from its large portfolio of automotive brands.

The rising cost of gasoline was one of several factors contributing to GM’s recent decline. The automaker had relied on SUVs and other recreational vehicles for its profit, with the sudden decline in sales hurting the company. President Obama has stated that GM will review its processes and focus on smaller, greener vehicles for the future.

The American Bankruptcy Institute has reported that the total number of personal and business bankruptcy cases has increased 17.5 percent during the first quarter of 2010. The figures were drawn from the US bankruptcy court system and compared against the total number of bankruptcy cases from the first quarter of 2009.

Consumer bankruptcy cases saw the greatest increase, rising over 18 percent from last year’s figures. Financial experts believe that the rise in personal bankruptcy filings is due to overspending and irresponsible financial planning. Many debt-troubled individuals have exhausted short-term borrowing outlets over the past year and are being forced to turn to bankruptcy as a final option.

Business bankruptcy filings saw a less dramatic increase, moving upwards just two percent from last year’s figures. Analysts have pointed to consumer confidence as a reason for the relative success of sales-driven businesses, claiming that businesses with a consumer sales focus have seen greater demand over the past twelve months.

As many of the United States’ major retailers return to profitability, commentators are predicting a bright future for the economy. Employment figures have increased in some states, suggesting that debt-driven personal bankruptcy cases may slow as the year progresses.

It’s not just Premier League teams that are getting caught up in debt –  after declaring bankruptcy earlier this month, the Texas Rangers plan to acquire over $20 million in loans in order to repair and restructure the team’s financial structure. With millions of dollars in owed debts, the Rangers are hoping to earn their way back into Major League Baseball with a $575 million bankruptcy sale.

The team’s holding company – Texas Rangers Baseball Partners – filed for business bankruptcy protection earlier this month, citing an inability to repay short-term debts and move forward as a commercial entity. Team managers plan to sell the team, quoting a $575 million offer from the Ryan-Greenberg management group as evidence of progress.

However, many Rangers fans believe that the team could be sold for significantly more. Despite its short-term financial problems, the Rangers remain one of the most recognizable Major League Baseball teams. Current club debts total $575 million, allowing the team to repay back salaries and meet creditor requirements.

Short-term progress seems likely, with the Major League Baseball management team aiming to expedite the team’s sale. Creditors and team management alike are aiming to maximise the team’s long-term potential and ensure a smooth transition for fans.

Bankrupt American investment bank Lehman Brothers has filed a lawsuit against financial services firm JPMorgan Chase, insisting that the lender was responsible for tens-of-billions of dollars worth of losses during its controversial bankruptcy.

As the principal lender for Lehman Brothers, JPMorgan Chase had unrivalled access into the firm’s financial records, information which Lehman Brother’s counsel claims allowed them to demand collateral payments from the company. The lawsuit aims to recoup billions of dollars in lost income, which Lehman’s legal team insists the company is entitled to.

Lehman Brothers’ business bankruptcy was one of the most visible of the last three years, a victim of what many economists are referring to as the world’s second depression. The bank has attracted controversy due to its large executive bonuses and immense payouts to service firms hired to move the financial services company through bankruptcy.

As details of financial mismanagement and controversial high-level decisions become public, it seems inevitable that Lehman’s dealings will attract greater scrutiny and criticism. For now, this lawsuit serves as an interesting example of a thin financial firm attempting to regain some public footing.

JPMorgan Chase and Co. described the lawsuit as ‘ill-conceived’.

The last six months have resulted in some interesting experiences for UK financiers and economic analysts. With a record high personal insolvency rate and slight rates of economic recovery, it appears that Britain’s businesses are poised to go, quite literally, one way or the other – descending into business bankruptcy or enjoying the more stable economy and recovery conditions.

The Bank of England’s most recent Inflation Report offers similar information on the state of UK business. While acknowledging the economic recovery that’s slowly taking place, the report cautioned investors and businesspeople that conditions remained uncertain and risky. The report spoke positively of the government’s proposed deficit reduction plan, claiming that it will benefit the economy.

Alongside the risky business environment, the report suggested that record low interest rates would remain at their current levels – 0.5% – for the coming years, increasing slightly over time but failing to jump significantly. Inflation is projected to stay at current levels, dipping below the 2% target during 2011.

With numerous EU economies encountering budget and debt issues, Britons remain sceptical about the prospect of full economic recovery. Business recovery appears to be taking place, although high levels of personal bankruptcy and insolvency leave many Britons unable to engage in business.

For young cinema fans, the decline of MGM doesn’t seem all that big of a deal. The studio has put out relatively few films of mention over the last forty years, instead relying on its James Bond series and studio re-releases for operating income.

However, serious movie fanatics are preparing to mourn the loss of one of Hollywood’s most historically important studios. MGM faces business bankruptcy at some point within the next two years, with debts of almost $3.7 million proving too much for investors and leading executives.

Despite MGM’s reputation for escapist fantasy, the company’s output has dropped significantly every year since 1970, when the once-legendary Hollywood studio was bought out by Las Vegas investors. 2010 has seen only one release from MGM – the forgettable Hot Tub Time Machine.

A number of Hollywood investors are eyeing up the studio, but few have committed to a purchase. British filmmaker Ridley Scott – director of Gladiator and Alien – expressed interest, however the studio’s limited back catalogue and lack of new releases have pushed many potential buyers away.

Almost 37 years after MGM outsourced their film distribution, it appears they may be closing their doors for good. For some, it’s an event that’s undeserving of discussion, however for others it’s reason for reflection, serious business discussion, and a review of the studio’s best moments.