Topshop. Photo - Wikimedia Commons

Tens of thousands of jobs at risk as Arcadia empire ‘nears collapse’

Sir Philip Green’s Topshop Arcadia retail empire has said it is “working on a number of contingency options,” after reports it is days away from collapse.

The group, which runs the Topshop, Dorothy Perkins and Burton brands, is expected to appoint administrators for Deloitte in the coming days.

The company said the Covid-19 lockdown has “had a material impact on trading”.

ITV News Business and Economics editor Joel Hills said the company’s collapse would “affect 13,000 staff, 9,500 members of pension scheme and 150 suppliers.”

According to documents seen by Joel Hills, the group made a loss of £177m in the year to September 2018, and the company’s accounts are overdue.

The retail group had been in emergency talks with lenders in a bid to secure a £30 million loan to help shore up its finances…

… visit ITV to read full story

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