Sir Philip Green’s fashion empire is reportedly close to securing £30M in fresh funding to assist in sales lost as a result of the Coronavirus pandemic.
Arcadia’s portfolio consists of well-known high street fashion brands including Topshop, Topman, Burton, Dorothy Perkins, Evans, Miss Selfridge, Outfit and Wallis. The company currently operates from a total of 550 sites across the UK and employs 15,000 staff.
The second UK lockdown has hit a number of retailers across the country hard, and Arcadia group is no exception. Despite a number of reports detailing Arcadia reportedly going into administration and looking for buyers for their brands, the group insists that the funding is needed to support the business due to the second lockdown.
In a statement, the company said “It is not true that administrators are about to be appointed. Clearly, the second UK lockdown presents a further challenge for all retailers and we are taking all appropriate steps to protect our employees and other stakeholders from its consequences.”
