Arcadia crisis: Sir Philip Green's TopShop empire 'faces collapse' - 15,000 jobs at risk
The retail empire – which owns Topshop, Burton and Dorothy Perkins – is reportedly preparing to appoint administrators from Deloitte as early as next week after failing to secure an emergency loan, according to PA.
A source within the industry told the news agency the collapse was inevitable after talks with a number of lenders for a £30m loan failed.
While the plan has yet to be finalised and could be delayed, administrators could be appointed as early as Monday as the UK high street continues to suffer due to coronavirus pandemic.
More than 15,000 jobs are at risk if the stores close after cutting around 500 head office jobs earlier this year.
Arcadia has more than 500 standalone stores across the country. Due to the lockdown restrictions, most of the staff have had their wages subsidies under the Government’s furlough scheme.
