The Arcadia Group could risk 15,000 jobs in the coming days.
The group reported by Sky News is preparing to appoint an administrator from Deloitte. The group’s collapse will follow many failed attempts to secure emergency loans.
The controversial group owned by Sir Philip Greene could appoint managers as early as Monday. Earlier this month, the Arcadia Group denied rumours of collapse, saying it was taking “all appropriate measures” to avoid control.
Just two weeks ago, the group was in discussions to secure a £30 million loan, but a group spokesman said:
“It is not true that managers are about to be appointed. Clearly, the second UK lockdown presents additional challenges for all retailers and takes all appropriate measures to protect employees and other stakeholders from the consequences.”
If the group collapses, 15,000 jobs will be at risk. The company announced a 500 job cut from its headquarters earlier this year. The lockdown is full of 14,000 employees.
Green bought the High Street Group for £850 million in 2002, and in 2012 it sold a 25% stake in Topshop’s immediate holding company to Leonard Green & Partners.
