Sir Philip Green’s retail empire is facing collapse within days, putting 15,000 jobs at risk and bringing the curtain down on the high street career of one of Britain’s most controversial businessmen.
It is understood that Arcadia Group – which owns TopShop, Burton and Dorothy Perkins – is preparing to appoint administrators from Deloitte as soon as next week.
One retail industry figure said Arcadia’s collapse had become inevitable after talks with a number of lenders about an emergency £30m loan ended without success.
The appointment of administrators could happen as early as Monday, although one person close to the situation said the plan had yet to be finalised and that it could yet be delayed.
If the insolvency is confirmed, it is expected to trigger a scramble among creditors to get their hands on the company’s assets.
It would involve Arcadia’s online operations and the stores which are … Read the rest