Philip Green’s Arcadia working on options to secure its future
Owner of Topshop, Burton and Wallis has been seen as a potential Covid casualty
Philip Green's Arcadia group, which includes Topshop, Burton and Wallis, confirmed it is “working on a number of contingency options to secure the future of the group’s brands” after the coronavirus pandemic hit its struggling business hard.
The group has more than 500 stores in the UK, employing around 15,000 people.
“The forced closure of our stores for sustained periods as a result of the Covid-19 pandemic has had a material impact on trading across our businesses,” it added.
The statement came after Sky News reported that the group was poised to appoint Deloitte as administrators early next week.
Arcadia had long been considered a potential Covid-19 casualty. It used a company voluntary arrangement to close stores and cut rents last year, but its sales and profits were squeezed by Covid-19 and more nimble rivals, such as Primark and online-only operators like Asos and Boohoo.