"Some brands never even had that much invested or any online presence at all...they're consolidating but you know folks worry that that's going to kill the high street," said Thomas.
"I think it's going to free up the high street to bring back the local businesses that were driven out by these mega chains, global chains, who are willing to pay higher rents.
"When the stock market crashes economists call that 'an adjustment'. Well, this is a bit of an adjustment to the fashion industry - it's in the throes of a major collapse and it needed adjusting.
"It was growing too big and too fast and too huge and there was way too much money at play and there were way too many clothes and way too many stores and they really did kill small independent business along the way."