Sir Philip Green’s Arcadia group has tumbled into administration leaving the future of its 13,000 employees hanging in the balance.
All of the company’s 444 UK stores will continue to trade under the government’s Covid-19 guidelines while a buyer is sought.
Administrators from Deloitte said they were “rapidly seeking expressions of interest” in the group and “expect to identify one or more buyers” for its high street brands.
Arcadia owns eight retail fascias – Topshop, Topman, Burton, Miss Selfridge, Dorothy Perkins, Outfit, Evans and Wallis – but has toiled in recent years as the likes of Primark, H&M, Inditex and online competitors such as Asos and Boohoo ate into its market share.
No redundancies have been made following Deloitte’s appointment, but Arcadia’s workforce now faces an uncertain future.
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