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The Arcadia Group, which includes Topshop, Burton and Dorothy Perkins, is reportedly preparing to appoint Deloitte administrators after a $ 30 million loan. GBP has been rejected by lenders
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Retail giant Arcadia is reportedly on the verge of collapse as Nov.. 000 retail and corporate outlets are at risk.
The group, which includes Topshop, Burton and Dorothy Perkins, is preparing to appoint Deloitte administrators as early as next week, according to Sky News sources.
If the bankruptcy is confirmed the business could be put up for sale and some businesses could be closed permanently.
During the first statewide lockdown, Arcadia has the vast majority of its 15. 000 employees in more than 500 branches are on leave.
500 functions at headquarters were later cut after it was admitted that sales had a significant impact due to closings.
The UK branches have now been re-enrolled in the government’s wage subsidy scheme, although branches in Wales, Scotland and Northern Ireland have now reopened.
Arcadia said, « We continue to trade online through our own channels as well as those of our partners. «
Today the company launched a 25% online discount – with Black Friday discounts expected to run through Monday.
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It was agreed to close 50 stores, negotiate a rent cut with landlords on the property, and sign a contract with the pension fund to put money into the company’s retirement plans.
At the time, the pension system deficit was estimated at around £ 700m, but the Sunday Times reported that it is now £ 350m on a buyout basis.
As part of a contract with the pension regulator, the trustees of the Arcadia pension plans have received collateral worth over 210 million from the company. GBP granted.
Sir Philip’s wife, Lady Cristina Green, Arcadia’s largest shareholder, agreed to inject £ 100 million into the programs over three years, while Arcadia said it would raise an additional £ 75 million.
Sir Philip faced controversy over the pension system at one of his other companies, BHS, which he sold to Dominic Chappell for £ 1 in 2015.
A year later, BHS broke with the loss of 11. 000 jobs and a pension deficit of £ 571 million.
Last month, Chappell was sentenced to six years in prison after convicted of tax evasion.
Philip Green, Topshop, Arcadia Group, Burton
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Ref: https://www.mirror.co.uk
