A major development tonight as it is now confirmed Arcadia Retail Group has gone bust!
The Administration was formally announced this evening, Monday 30th November 2020 and means the end of many High Street brands, including Topshop, Topman, Wallis, Evans, Dorothy Perkins, Miss Selfridge and Burtons.
This is a huge blow for UK High Streets.
Administrators were called in today. No redundancies are being announced yet as a result of the appointment and stores will continue to trade for the time being, the administrators said.
The group, owned by Sir Philip Green, runs 444 stores in the UK and 22 overseas, said 9294 employees are currently on furlough. It is reported also that a £350m gap in employees pension funds has been declared.
Ian Grabiner, chief executive of Arcadia, said: “This is an incredibly sad day for all of our colleagues as well as our suppliers and our many other stakeholders.
“The impact of the Covid-19 pandemic, including the forced closure of our stores for prolonged periods, has severely impacted on trading across all of our brands.“
It is thought over 13,000 jobs are now at risk.
