Sir Philip Green’s Arcadia retail empire is exploring various options to secure its future following reports that the group could collapse into administration within days.
It follows a Sky News report this morning suggesting that the retail group, which owns High Street Brands including TopShop, TopMan Dorothy Perkins and Burton, could appoint administrators as soon as next week, potentially putting 15,000 jobs at risk.
According to the reports, Arcadia is preparing to appoint Deloitte as administrator after talks with lenders over a £30 million rescue deal ended without success.
The collapse of Sir Phillip Green’s retail empire would spell the end of one of some of the UK High Street’s most iconic brands, and could trigger a bidding war for assets including online operations.
Commenting on the reports, Arcadia confirmed that its board have been “working on a number of contingency options to secure the future of the Group’s brands.”
The statement added: “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.
“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.”
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