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The Arcadia Group, owned by Sir Philip Green, has collapsed into administration. The retail group runs 444 stores in the UK and 22 overseas. Currently, 9,294 of its employees are on furlough. But what shops are owned by the Arcadia Group?
Administrators at Deloitte have said they are now seeking buyers for Sir Philip’s business.
Arcadia chief executive Ian Grabiner said it was an “incredibly sad day”.
He added the company had been unable to ride out the severe impact of the coronavirus pandemic on trading.
The group is on the brink of administration after the failure of talks over a £30 million loan which could help offset the negative effects of the coronavirus crisis on the retail group.
In total, Arcadia owns 444 sites in the UK and 22 overseas.
More than 9,000 members of its staff are on furlough.
The 13,000-strong workforce now faces an uncertain future although no immediate redundancies have been announced.
The business is due to continue trading as normal, with shops able to reopen ahead of Christmas from 12.01am on December 2.
Mr Grabiner said the failure of the business was the result of a massive slump in sales during the pandemic.
He said: “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,” he said.
“Throughout this immensely challenging time, our priority has been to protect jobs and preserve the financial stability of the group, in the hope that we could ride out the pandemic and come out fighting on the other side.
“Ultimately, however, in the face of the most difficult trading conditions we have ever experienced, the obstacles we encountered were far too severe.”
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Which shops does Arcadia own?
The Arcadia Group owns some of the most popular high street retail brands in Britain.
The group owns the following brands:
- Dorothy Perkins
- Miss Selfridge
- Wallis and Evans
Formerly Arcadia Group has owned several other renowned British retail brands including:
- Debenhams – demerged into a separate company in 1998
- Etam – closed shortly after purchase
- Hawkshead – sold to Rubicon Retail
- Innovations – sold to GUS in 1997
- Peter Robinson – became Topshop
- Principles – sold to Rubicon Retail; now owned by Debenhams
- Principles for Men – closed
- Racing Green – sold to Rubicon Retail
- Richards – closed shortly after purchase
- SU214 – closed
- Wade Smith – sold circa 2002
- BHS – sold to Retail Acquisitions Ltd in March 2015 but ceased trading in 2016
- Warehouse sold to Rubicon Retail.
Deloitte said it is working with Arcadia management to assess all of its options.
Joint administrator at Deloitte Matt Smith said the company was seeking expressions of interest and expected to identify one, or more, buyers to hopefully ensure the future of the businesses.
It is believed more than ten buyers have expressed interest in buying Topshop including online specialist Boohoo, Mike Ashley’s Frasers Group, formerly known as Sports Direct, and a number of private equity players.
Next and Marks & Spencer are also understood to be taking a look at Arcadia’s brands as they try to broaden their appeal online.
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