Topshop owner Arcadia goes into administration
By Sarah Wood | 1st December 2020
Arcadia, the owner of high street brands including Topshop, Burton, Miss Selfridge and Wallis has gone into administration, putting 13,000 jobs at risk.
Arcadia has hired administrators from Deloitte after the pandemic hit sales across the group hard, as reported by the BBC.
There are a number of Arcadia stores in the county - Topshop in Cheltenham and Gloucester, Burton in Gloucester and Cirencester and Dorothy Perkins in Gloucester and Cirencester. Miss Selfridge and Wallis also have concessions in Debenhams in Gloucester.
In a statement, Arcadia said no redundancies would be announced immediately and all stores will continue to trade as Deloitte considers the options available.
Online orders made over the Black Friday weekend will also be fulfilled.
Arcardia has a total of 444 stores in the UK, with 9,294 employees currently on furlough.
Deloitte will be looking for expressions of interest to identify one or more buyers to hopefully ensure the future of the businesses. Fashion retailer Boohoo is seen as a potential buyer for some of Arcadia's brands, including Topshop.
Even before the impact of the pandemic, Arcadia's fashion brands were struggling agains newer online-only retailers such as Asos, Pretty Little Thing and Boohoo.
In further potential bad news for Gloucester, the collapse of Arcadia could also affect Debenhams. Brands like Miss Selfridge and Evans are sold across the department store chain, accounting for around £75m in sales. The loss of those brands is likely to make Debenhams a less attractive prospect to potential buyer JD Sports, which was close to sealing a rescue deal with the retailer.
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