Breaking News – Topshop owner Arcadia enters administration

SIR Philip Green’s fashion empire, Arcadia, has entered administration with 500 stores and more than 13,000 jobs set to be axed.

Administrators at Deloitte have been appointed on Monday, November 30, to manage the failing business – which includes Topshop, Wallis, Evans, Topman, Dorothy Perkins and Burton.

The Group, operates from approximately 444 leased properties in the UK and 22 overseas, employing 13,000 people.

Deloitte confirmed around 9,294 employees are currently on furlough.

No redundancies are being announced as a result of the appointment and stores will continue to trade for the moment.

Ian Grabiner, CEO of Arcadia, said, “This is an incredibly sad day for all of our colleagues as well as our suppliers and our many other stakeholders.

“The impact of the COVID-19 pandemic including the forced closure of our stores for prolonged periods has severely impacted on trading across all of our brands. Throughout this immensely challenging time, our priority has been to protect jobs and preserve the financial stability of the Group in the hope that we could ride out the pandemic and come out fighting on the other side. Ultimately, however, in the face of the most difficult trading conditions we have ever experienced, the obstacles we encountered were far too severe.

“Our priority now is to work closely with the administrators to deliver the best possible outcome for all our stakeholders, in particular our hard-working employees across the Group. Throughout this process, trading will continue across all of our brands. Our stores will remain open or reopen when permitted under the Government COVID-19 restrictions, our online platforms will be fully operational and supplies to all of our partners will continue.”

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