UK's Arcadia Mulls 'contingency' Plans Due To Virus Impact

Sumaira FH Published November 27, 2020 | 06:50 PM

London, (UrduPoint / Pakistan Point News - 27th Nov, 2020 ) :British retail giant Arcadia, owner of a string of coronavirus-ravaged high-street clothing chains, said Friday that it was mulling its options after a report claimed it was facing collapse.

Sky news said 15,000 jobs were at risk at the group, which owns Topshop, Topman, Dorothy Perkins, Burton, Miss Selfridge, Evans and Wallis, and it could appoint administrators Deloitte "within days" following unsuccessful talks with lenders about an emergency loan.

That would bring the curtain down on the high-street career of Arcadia boss Philip Green, the broadcaster said, without quoting sources.

Arcadia said only that it has been adversely affected by enforced closures during Covid-19 lockdowns.

"We are aware of the recent media speculation surrounding the future of Arcadia," the group said in a brief statement emailed to AFP.

"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 the Republic of Ireland as soon as the government Covid-19 restrictions are lifted next week."Administration is the process whereby a troubled company calls in independent financial help in a bid to restructure and remain operational until a solution is found.