Arcadia on brink of collapse
About 1 Month, 3 Weeks, 4 Hours, 58 Minutes ago.
Sir Philip Green's retail empire Arcadia, which includes Topshop, Burton and Dorothy Perkins, is understood to be on the brink of collapse.
Sir Philip had been in talks with potential lenders about borrowing £30m to help the business through Christmas.
However, these talks have failed and administrators could be appointed on Monday, putting 13,000 jobs at risk.
Arcadia said the 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 the Republic of Ireland as soon as the government Covid-19 restrictions are lifted next week," it said.
"Arcadia would be the biggest British corporate collapse of the pandemic if it does enter voluntary liquidation," said Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown.
"It would hollow out huge swathes of the High Street, if its huge footprint of stores were forced to close."
If administrators are called in, the shops will continue to trade as buyers for the company - or more likely its well-known brands - are lined up for sale. Arcadia currently has about 500 shops.