Jobs at risk as owner of Topshop, Burton and Dorothy Perkins on brink of collapse - Lincolnshire Live

Thousands of jobs could be at risk as the owner of high street giants Topshop, Burton, and Miss Selfridge is reportedly on the brink of collapse.

Sir Philip Green's Arcadia Group, who own some of the biggest high street fashion brands on the high street, is preparing to appoint administrators from Deloitte as soon as next week, which could put up to 15,000 jobs at risk.

The group, who has roughly seven stores, including in Lincoln,Boston and Spalding, across Lincolnshire, said the coronavirus pandemic and lockdown closures had 'had a material impact on trading across our businesses'.

It follows reports that a £30million emergency loan was rejected by lenders earlier this month.

Deloitte is expected to handle the insolvency process and the appointment of administrators could happen as early as Monday.

If the insolvency is confirmed, a number of stores could face permanent closure.

Arcadia said in a statement on Friday that "contingency options to secure the future of the group’s brands", after Sky News reported the future was in doubt for the company.

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Arcadia also owns Topman, Evans and Dorothy Perkins.

An Arcadia spokesman said: “We are aware of the recent media speculation surrounding the future of Arcadia.

“The forced closure of our stores for sustained periods as a result of the Covid-19 pandemic has had a material impact on trading across our businesses.

“As a result, the Arcadia boards have been working on a number of contingency options to secure the future of the group’s brands.

“The brands continue to trade and our stores will be opening again in England and ROI as soon as the Government Covid-19 restrictions are lifted next week.”

The group has more than 500 retail stores across the UK, with the majority of these currently shut as a result of England’s second national lockdown, which will end next week.

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2020-11-29 11:28:00Z
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