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Sir Philip Green's TopShop empire Arcadia Group 'at risk of collapse'
27 November 2020, 11:17 | Updated: 30 November 2020, 15:26
The owner of Topshop is reportedly facing collapse within days with up to 15,000 jobs at risk.
Sir Philip Green's retail empire Arcadia is preparing to appoint administrators, according to Sky News.
The group also owns brands like Burton and Dorothy Perkins.
Sir Philip had been in talks to secure £30m to help the business through Christmas.
But they ended in failure and administrators could be appointed as early as next week, putting 15,000 jobs at risk, it was reported.
Arcadia issued a statement: “We are aware of the recent media speculation surrounding the future of Arcadia.
"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.
"The brands continue to trade and our stores will be opening again in England and ROI as soon as the Government COVID-19 restrictions are lifted next week.”
More than 100 jobs are set go at clothing brand Jaeger, Administrators for the chain have confirmed that 13 stores will go.
Debenhams, Edinburgh Woollen Mill Group and Oasis Warehouse have all fallen into insolvency since the pandemic struck in March.
The group has more than 500 retail stores across the UK, with the majority of these currently shut as a result of England's second national lockdown, which will end next week.