Sir Philip Green’s Arcadia empire seeks £30m to help brands including Topshop and Burtons survive the Covid-19 lockdown
Sir Philip Green’s Arcadia is seeking a £30m cash injection to help it survive lockdown
Sir Philip Green’s Arcadia is seeking a £30 million cash injection to help it survive lockdown.
The owner of brands including Topshop, Miss Selfridge and Burtons has asked lenders for support after lockdown restrictions hammered sales, disrupting crucial trading up to Christmas.
Yesterday it was reported that the company was drawing up plans for administration.
A spokesman denied that administrators were ‘about to be appointed’ but said the firm was ‘taking all appropriate steps’ to protect itself from the pandemic’s impact.
If Arcadia, which Sir Philip is chairman of, cannot raise the cash, concerns would be raised about its survival, potentially putting the jobs of 15,000 staff at risk.