15,000 jobs at risk as Sir Philip Green’s Arcadia retail empire ‘nears collapse’
27 November 2020, 11:14
The group, which runs the Topshop, Dorothy Perkins and Burton brands, is expected to appoint administrators for Deloitte in the coming days.
Sir Philip Green’s retail empire is set to collapse within days, with around 15,000 jobs at risk, according to reports.
The group, which runs the Topshop, Dorothy Perkins and Burton brands, is expected to appoint administrators for Deloitte in the coming days.
Arcadia could tumble into administration as soon as Monday, Sky News reported on Friday.
The retail group had been in emergency talks with lenders in a bid to secure a £30 million loan to help shore up its finances.
If the insolvency is confirmed, it is expected to trigger a scramble among creditors to get control of company assets.
It is the latest retailer to have been hammered by the closure of stores in the face of coronavirus, with rivals including Debenhams, Edinburgh Woollen Mill Group and Oasis Warehouse all sliding into insolvency since the pandemic struck in March.
The group has more than 500 retail stores across the UK, with the majority of these currently shut as a result of England’s second national lockdown, which will end next week.
