Business

15,000 jobs at risk as Philip Green’s Arcadia retail empire ‘nears collapse’

Topshop, © PA Wire/PA Images

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.

Retail tycoon Sir Philip Green took control of Arcadia Group in 2002. Photo: Isabel Infantes/PA

The retail group had been in emergency talks with lenders in a bid to secure a £30 million (€34 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 and Ireland, with the majority of these currently shut as a result of Covid-19 restrictions in both countries.

Source:

www.breakingnews.ie

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