A number of retailers, including Sir Philip Green, have tumbled down this year’s The Sunday Times Rich List as turbulent conditions on the high street take a toll on personal fortunes.
Beleaguered Arcadia Group owner Sir Philip Green in particular suffered a bad year as his fashion empire battled a large pension deficit and an unwieldy store estate, while Sports Direct owner Mike Ashley also slipped down the list.
The newspaper said Green had been “the worst casualty on the high street” in the last year, and “with sinking sales in its stores and a sizeable pension deficit” it declared his Arcadia fashion empire to be “practically worthless”.
The newspaper also “stripped” Green of his status, valuing his personal wealth at £950m.
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