Exclusive tabular insight into debt levels of some of the UK's major retailers.
Lesson one from our exclusive research into the UK's most indebted retailers: don't let your debts exceed your net worth.
When Peacocks followed La Senza over the financial cliff edge into administration last month, questions were asked ??? quite correctly ??? about the impact of leverage on the modern retail business model.
Recipe for retail 2011: take an excess of bricks and mortar, stir in upward-only rent reviews, add a splurge of suicidal discounting and drizzle with debt. The result? Disaster on a grand scale.