Topshop reportedly set to collapse in days - with 15,000 jobs at risk
Topshop and Topman in the Sailmakers Shopping Centre in Ipswich. Picture: GEMMA JARVIS - Credit: Archant
A retail empire with stores across Suffolk, including Topman and Topshop, is set to collapse within days - putting 15,000 jobs at risk, according to reports.
Arcadia, which is owned by Sir Philip Green, is expected to appoint administrators from Deloitte in the coming days.
The group, which runs the Dorothy Perkins and Burton brands among others, could tumble into administration as soon as Monday Sky News reported.
The retail group had been in emergency talks with lenders in a bid to secure a £30 million loan to help shore up its finances.
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A spokesman for Arcadia said: “We are aware of the recent media speculation surrounding the future of Arcadia.
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“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.
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“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.”
If the insolvency is confirmed, it is expected to trigger a scramble among creditors to get control of company assets.
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.
What shops does Arcadia have in the region?
Burton
• Haverhill
• Ipswich (Debenhams)
• Felixstowe
Dorothy Perkins
• Felixstowe
• Bury St Edmunds (Debenhams)
• Ipswich
• Haverhill
• Beccles
Miss Selfridge
• Ipswich
• Bury St Edmunds (Debenhams)
• Colchester
Topman & Topshop
• Ipswich
• Bury St Edmunds (Debenhams)
• Colchester
Wallis
• Ipswich
