Topshop has gone into administration
It was only a little over a year ago that Arcadia was saved from being plunged into administration, but following an incredibly tough year for British retail, the owner of Topshop, Burton, Miss Selfridge, Dorothy Perkins and more other former high-street giants has collapsed.
The retail empire headed up by Sir Philip Green went into administration this week, senior sources confirmed.
The company had been seeking extra cash to help "plug the gap" from lost sales during the pandemic, but no last-minute rescue deal surfaced, unlike what we saw in June 2019.
Arcadia going into administration puts 13,000 jobs at risk, while there are also fears that many may suffer cuts in their retirement income if the pension scheme falls into the lifeboat Pension Protection Scheme, The Guardian has reported. Some stores could close, but it is expected that many of Arcadia's brands will remain in some form.
"Regrettably for everyone involved in Arcadia including, in particular, suppliers and employees, the game is up," Former City minister and former chairman of Marks & Spencer, Paul Myners told the BBC.
"Covid has obviously been a significant factor but the truth is this group of brands has been haemorrhaging now for 15 years. It's become an insignificance. Sir Philip never really accepted the opportunity or challenge of online trading. He made no investment in that area at all."
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