Arcadia Group, which includes brands Topshop, Topman, Burton, Dorothy Perkins, Miss Selfridge, Wallis and Evans could enter administration today, putting a total of 13,000 jobs at risk.
Despite talks with potential leaders on Friday to discuss a £30M loan, to help shrink the gap from lost sales, it is looking more likely that Sir Philip Green’s retail empire will fall into administration. Senior sources at the company have commented that they do not expect a last minute rescue deal, however it has also been reported that Mike Ashley’s Frasers Group will offer a £50M loan.
“Should the company and the Arcadia Group’s efforts to agree and emergency funding package fail and the Arcadia Group enter into administration, the company would be interested in participating in any sales process,” Frasers Group commented.
Arcadia Group’s potential fall into administration would mark the biggest Coronavirus-induced casualty thus far.
