Sir Philip Green’s TopShop empire Arcadia Group ‘faces collapse within days’ putting 15,000 jobs at risk
- Arcadia Group ‘expected to appoint administrators from Deloitte in next week’
- Insider said fall ‘inevitable after Sir Philip couldn’t secure his £30million loan’
- More than 15,000 people work for the retail group which also includes Burton
Sir Philip Green’s Topshop empire could face collapse within a matter of days, reports claimed today, putting more than 15,000 jobs at risk.
The Arcadia Group, which also owns Burton and Dorothy Perkins, is set to appoint administrators from Deloitte within the next week, according to Sky News.
This could happen as early as Monday, though those close to the firm have reportedly insisted plans have yet to be confirmed and could be delayed.
Speaking to Sky News, an industry insider suggested the fall of Sir Philip’s retail empire had become inevitable after he was unable to secure an emergency £30million loan to keep Arcadia afloat.
Sir Philip Green’s Topshop empire could face collapse within days, reports claimed today, putting more than 15,000 jobs at risk. Pictured: Stock image
The businessman, who bought the high street group for £850million in 2002, had asked lenders for support after lockdown restrictions hammered sales, disrupting crucial trading up to Christmas.
There is expected to be a rush among creditors to secure the company’s assets if the Arcadia Group’s insolvency is formally declared.
Boohoo, an online retailer, is among those expected to consider taking on TopShop, which alongside Topman is the Arcadia Group’s most successful brand.
Others could be saved by investors or become online-only fashion labels, like Cath Kidston, Oasis and Warehouse.
The businessman, who bought the high street group for £850million in 2002, had asked lenders for a £30million loan after lockdown restrictions hammered sales. Pictured: Sir Philip Green
It was reported earlier this month that Arcadia was drawing up plans for administration, but a spokesman for the retail group denied this was the case.
He added the firm was ‘taking all appropriate steps’ to protect itself from the pandemic’s impact.
MailOnline has contacted the Arcadia Group for comment.
More to follow.