Philip Green’s Arcadia mulls administration

Bloomberg

Arcadia Group, the retail empire controlled by Philip Green is likely to file for administration in the UK as early as next week, putting 13,000 jobs at risk.
The owner of the Topshop and Topman brands wrote in an emailed statement that it’s exploring “a number of contingency options” after the closure of its stores due to Covid-19 “had a material impact on trading across our businesses.”
One of the options under consideration is a light-touch administration, where the existing management remains in place under the supervision of the administrators, according to people familiar with the matter, who asked not to be named because it’s private.
Debenhams, the struggling department store retailer, recently filed for the same type of insolvency process which allows the company to continue operating.
Consultancy group Deloitte LLP, which has been working with Arcadia for months attempting to secure additional funding for the group, is being lined up as administrator.
Sky News first reported
Arcadia’s plans. A representative for Deloitte declined to comment, while a spokesperson for Arcadia declined to comment beyond the statement. If Arcadia does file for administration, it could put 13,000 jobs and about 500 stores across the country at risk. It would be another blow to Britain’s retail sector which is reeling from the impact of the pandemic and government-mandated store closures.