Topshop owner Arcadia falls into administration, putting more than 13,000 jobs at risk. It’s the UK’s biggest corporate casualty of the COVID-19 crisis so far.
- The Arcadia Group, which owns British fashion brands including Topshop, Dorothy Perkins, and Miss Selfridge, has fallen into administration, Deloitte confirmed Monday night.
- This puts more than 13,000 jobs at risk, though no redundancies have been announced yet.
- The company’s CEO said COVID-19 was to blame. The pandemic has caused Arcadia’s stores to close in two national lockdowns.
- But rival fast fashion retailers were already attracting the Arcadia Group’s customers before the pandemic.
- Visit Business Insider’s homepage for more stories.
British tycoon Philip Green’s Arcadia fashion group has collapsed into administration, putting more than 13,000 jobs at risk and becoming the country’s biggest corporate casualty of the COVID-19 pandemic so far.
Deloitte said late on Monday it had been appointed Arcadia’s administrator and would seek buyers for the group’s brands: Topshop, Topman, Dorothy Perkins, Wallis, Miss Selfridge, Evans, Burton and Outfit.
Arcadia’s close to 500 stores would continue to trade, its online platforms would remain operational, and supplies to concession partners would continue, Deloitte said.
No redundancies were being immediately announced, it added.
Green acquired Arcadia for …continued .
[Source: Business Insider]