Sir Philip Green’s retail empire on brink of collapse within days

Sir Philip Green’s retail empire on brink of collapse within days

Sir Philip Green’s retail empire is facing collapse within days, 15,000 jobs at risk and putting a halt on the high street career of one of Britain’s most controversial businessmen.

Arcadia Group – which owns TopShop, Burton and Dorothy Perkins – is preparing to appoint administrators from Deloitte as soon as Monday, 30th November.

A retail industry figure said Arcadia’s collapse had become inevitable after talks with a number of lenders about an emergency £30m loan ended without success.

The appointment of administrators could happen as early as Monday, although a source close to the situation said the plan had yet to be finalised and that it could still be delayed.

Bidders are likely to begin circling TopShop immediately, with Boohoo, the online fashion retailer, among the prospective buyers.

Some of Arcadia‘s other brands face being picked up by retail investors or, like prominent names such as Cath Kidston and Warehouse, becoming online-only fashion labels.

Confirmation of the group’s administration would come after a rocky few years in which Sir Philip’s reputation was destroyed and more recently, the coronavirus pandemic.

As previously stated, Sir Philip’s miserable period has not been restricted to the performance of his business interests.

He also became target in a storm over his behaviour towards Arcadia employees and his use of non-disclosure agreements to prevent former workers discussing their severance packages.

If Arcadia does collapse, it will be the latest big high street retailer to fall into insolvency during a torrid 2020.