Date Posted: Tuesday 1st December 2020
Arcadia Group has gone into administration putting 13,000 jobs at risk. Sir Philip Green's group includes highstreet brands Topshop, Dorothy Perkins and Burton; and has hired administrators Deloitte after the pandemic severely impacted sales across its brands. The group, which runs 444 stores in the UK and 22 overseas, said 9,924 employees are currently on furlough. No redundancies have yet been announced and the stores will continue to trade, according to Deloitte.
Matt Smith, joint administrator at Deloitte said: "We will now work with the existing management team and broader stakeholders to assess all options available for the future of the group's businesses. It is our intention to continue to trade all of the brands, and we look forward to welcoming customers back into stores when many of them are allowed to open."
Ian Grabiner, Chief Executive of Arcadia added: "This is an incredibly sad day for all of our colleagues as well as our suppliers and our many other stakeholders. The impact of the Covid-19 pandemic, including the forced closure of our stores for prolonged periods, has severely impacted on trading across all of our brands."
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