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LONDON, Nov 30 (Reuters) – British tycoon Philip Green’s fashion organisation Arcadia collapsed in administration, endangering more than 13,000 jobs and the country’s biggest victim of the COVID-19 pandemic to date, Administrator Deloitte said Monday.
Arcadia owns the Topshop, Topman, Dorothy Perkins, Wallis, Miss Selfridge, Evans, Burton and Outfit brands, promoting from 444 leased sites in the UK and 22 abroad.
Deloitte stated that retail outlets would remain open or reopen when legal under COVID-19 government restrictions, and no redundancies were announced.
“We will now work with the existing control team and broader stakeholders to compare all the long-term functions of the group’s operations,” said Matt Smith, co-director of Deloitte.
He said Deloitte would temporarily seek expressions of interest and hoped to identify one or more buyers to secure the long-term business.
“This is an incredibly unhappy day for all of our colleagues, as well as our suppliers and many other stakeholders,” said Ian Grabiner, Arcadia’s CEO.
He blamed the pandemic for the group’s disappearance.
“Given the most complicated business situations we’ve experienced, the obstacles we encountered were too great,” he said (Report via James Davey, edited through Estelle Shirbon and Rosalba O’Brien).
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