Re: The closing shop chains thread...
Posted: Mon Nov 30, 2020 11:03 pm
Philip Green's Arcadia Group collapses into administration
Sir Philip Green’s Arcadia Group has collapsed into administration, putting 13,000 jobs at risk as the retail tycoon’s high street career ends in failure.
The owner of household names including Topshop, Topman, Miss Selfridge, Dorothy Perkins, Evans and Burton appointed administrators from Deloitte on Monday.
No immediate redundancies were made as a result of the appointment and the group’s stores and websites will continue to trade. The move will protect Arcadia from creditors while a buyer is sought for all or parts of the company. Green, 68, is not expected to bid for any of the assets.
Arcadia’s management will retain day-to-day control of the business under the light-touch trading administration, the same process operating at the troubled department store chain Debenhams.
The collapse not only brings to an end Green’s decades-long presence on the British high street, but appears to have been the final straw for JD Sports’ potential rescue of ailing department store Debenhams, where Arcadia is a big supplier. The sports retailer looks likely to pull out of talks, raising the prospect of thousands more job losses at the department store group if an alternative rescue plan cannot be secured.