Arcadia Group, the sprawling British retail empire that includes Topshop and has been run by billionaire Philip Green since 2002, was placed into a type of bankruptcy protection on Monday, a move that effectively puts around 13,000 jobs at risk.
In another blow to the country’s retail industry during the coronavirus pandemic, Arcadia said it had called in administrators from Deloitte. The decision protects Arcadia from creditors while a buyer is sought for all or parts of the company.
“The impact of the Covid-19 pandemic, including the forced closure of our stores for prolonged periods, has severely impacted on trading across all of our brands,” said Ian Grabiner, Arcadia’s chief executive.
“Ultimately, however, in the face of the most difficult trading conditions we have ever experienced, the obstacles we encountered were far too severe,” he added.
Arcadia, which also owns other long-established outlets in British town centers such as Burton, Dorothy Perkins…
