Retail giant Arcadia is on the verge of a collapse, and is currently working on a number of options to secure its future as the ongoing pandemic hammers its business. Owned by Sir Philip Green, Arcadia owns and operates Topshop, Miss Selfridge, Dorothy Perkins, Wallis, Evans, Outfit and Burton. Reports reveal the group risked going into administration within days, threatening 15,000 jobs.
The company released a statement saying, “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.”
Arcadia holds a prime spot on the British high street. It said its brands continued to trade and its stores would reopen next week when the government's latest pandemic restrictions ease. Meanwhile, the Labour and the Unite union have called on Sir Philip Green to ensure his retail empire's pension scheme is fully funded in case the administrators are called in.
Labour's shadow minister for business and consumers, Lucy Powell said, “Sir Philip Green should do what is right and cover Arcadia's pension deficit to make sure hardworking people don't pay the price.” Meanwhile, National officer for Unite, Matt Draper said, “Thousands of Arcadia's existing workforce and its previous employees face the prospect of the value of their pension being greatly diminished in yet another example of bandit capitalism on the UK's high street.
