British fashion empire Arcadia enters PER

António Vasconcelos Moreira 30 November 2020, 20:52

The collapse of the Arcadia group, which has more than 500 stores in the UK, marks the pandemic's biggest business debacle.

The British fashion group Arcadia entered this Monday in a special revitalization process (PER), which could put 13 thousand jobs at the retail company of multimillionaire Sir Philip Green at risk.

According to the “The Guardian“, Arcadia appointed Deloitte administrators this Monday to lead the process.

Among the brands of the Arcadia group are Topshop, Topman, Miss Selfridge, Dorothy Perkins, Evans and Burton.

For now, no redundancies have been announced and retail stores high street will continue to operate during PER, which aims to protect the Arcadia group from creditors while looking for buyers for the assets, with Sir Philip Green not going to bid.

The collapse of the Arcadia group, which has more than 500 stores in the UK, marks the pandemic's biggest business debacle.

The same publication states that there will be ten potential buyers online to buy some assets.

PER also raises alarms about Arcardia's pension fund, which has a deficit of around GBP 350 million, which is also expected to enter a protection mechanism called Pension Protection Find, which may mean that pensioners who have not yet reached retirement age may lose 10% of benefits.

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