By Tony Winterburn • 27 November 2020 • 20:19
SIR Philip Green’s Topshop Empire Arcadia Group Faces Collapse Within Days.
Sir Philip Green’s retail empire is facing collapse within days, putting 13,000 jobs at risk, according to reports. Arcadia Group – which owns Topshop, Burton and Dorothy Perkins – is preparing to appoint administrators next week, according to reports.
One retail industry figure said Arcadia’s collapse had become inevitable after talks with lenders about an emergency £30million loan had failed. The appointment of administrators could happen as early as Monday, although one person close to the situation reportedly said the plan had yet to be finalised and that it could be delayed.
The reports come on Black Friday, with shoppers spending a whopping £2million-a-minute online in the sale bonanza. Topshop is currently offering 25% off everything on its website. Earlier this year, Arcadia warned that it could close 100 of its shops due to coronavirus. Arcadia’s many famous brands include Burton, Dorothy Perkins, Evans, Miss Selfridge, Outfit, Topman, Topshop, and Wallis.
Arcadia issued a statement:
“We are aware of the recent media speculation surrounding the future of Arcadia. “The forced closure of our stores for sustained periods as a result of the COVID-19 pandemic has had a material impact on trading across our businesses. As a result, the Arcadia boards have been working on a number of contingency options to secure the future of the Group’s brands. The brands continue to trade and our stores will be opening again in England and ROI as soon as the Government COVID-19 restrictions are lifted next week.”
More than 100 jobs are set to go at clothing brand Jaeger, Administrators for the chain have confirmed that 13 stores will go. Debenhams, Edinburgh Woollen Mill Group and Oasis Warehouse have all fallen 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.
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