Fears for Sheffield jobs as Topshop owner Acardia ‘faces collapse within days’

Sir Philip Green’s Arcadia group, which owns Topshop, Topman, Burton and Dorothy Perkins, is on the brink of collapse and could call in administrators, putting thousands of jobs at risk.

Friday, 27th November 2020, 1:34 pm

The Arcadia Group, which has shops in major cities all over the country including Sheffield, is expected to appoint Deloitte as administrators in the coming days.

The company said it is “working on a number of contingency options”, after Sky News reported that the group’s future is in doubt.

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Sir Philip Green's Arcadia retail empire has said it is working on "contingency options to secure the future of the group's brands" after reports it will collapse into administration within days, with 15,000 jobs at risk.

Sources close to the process confirmed the reports to the PA news agency.

An Arcadia spokesman said: “We are aware of the recent media speculation surrounding the future of Arcadia.

“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.

“As a result, the Arcadia boards have been working on a number of contingency options to secure the future of the group’s brands.

“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.”

Arcadia could tumble into administration as soon as Monday, Sky News reported on Friday.

The group had been in emergency talks with lenders in a bid to secure a £30 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.

The group has more than 500 retail stores across the UK.