British retail group Arcadia is on the brink of bankruptcy due to the Corona epidemic. 13,000 jobs are threatened



Sir Philip Green, owner of Arcadia Group.

The retail distribution empire “Arcadia”, whose holdings include “Topshop”, “Part of London” and “Doroty Perkins”, will go bankrupt in the coming weeks as the health lockdown continues.

Its owner, Sir Philip Green, recently tried to borrow 30 million pounds, according to the British newspaper “The Independent”, to save what can be saved, but his failure to obtain this amount will soon threaten his company with bankruptcy and put 13 thousand jobs in the wind.

Collection “Topshop” stores of the “Arcadia” group. Photo: The Guardian.

British media, including the BBC, The Independent and Sky News, said that Arcadia may find itself forced to receive administrators from Deloitte next Monday to audit its accounts, while it will continue Its various stores operate in England and the Republic of Ireland, at least, as soon as the closure ends on the second of next December, if confirmed by the government.

Officials of the “Arcadia” group said that the Corona epidemic “had a tangible impact on its trade” in its 500 stores, despite the suffering of some, such as “Top Shop” before the start of the epidemic, and that they were considering “emergency options” to save the situation.

Arcadia previously abandoned 500 workers at its headquarters this year, and 1,000 others before them in June of last year, with dozens of shops closed as part of a rescue plan by cutting costs.

Source: “BBC” + “The Independent” + “Sky News”


Please enter your comment!
Please enter your name here