Around 15,000 jobs are at risk as Sir Philip Green’s Arcadia empire looks set to collapse within days, according to reports.
The retail group, which runs a number of popular high street brands including Topshop, Dorothy Perkins and Burton, is expected to appoint administrators for Deloitte in the coming days.
‘As soon as Monday’
The group could fall into administration as soon as Monday (30 November) and has been involved in emergency talks with lenders.
Arcadia is trying to secure a £30 million loan to help shore up its finances.
The insolvency is yet to be confirmed by the group, but it is expected to trigger a scramble among creditors to get control of company assets.
The news marks yet another blow to the retail industry, which has been hard hit this year due to ongoing pandemic.
Thousands of stores have been forced to close for much of the year, leaving several retailers in financial difficulty.
Rival companies including Debenhams, Edinburgh Woollen Mill Group and Oasis Warehouse all slid into insolvency since the pandemic struck in March.
The Arcadia group has more than 500 retail stores across the UK, with the majority of these currently shut as a result of England’s second national lockdown, which will end next week on 2 December.