{"id":163557,"date":"2020-11-30T20:31:46","date_gmt":"2020-11-30T20:31:46","guid":{"rendered":"https:\/\/www.theindustry.fashion\/arcadia-has-gone-into-administration-with-13000-jobs-now-hanging-in-the-balance\/"},"modified":"2021-08-06T12:09:20","modified_gmt":"2021-08-06T12:09:20","slug":"arcadia-has-gone-into-administration-with-13000-jobs-now-hanging-in-the-balance","status":"publish","type":"post","link":"https:\/\/www.theindustry.fashion\/arcadia-has-gone-into-administration-with-13000-jobs-now-hanging-in-the-balance\/","title":{"rendered":"Arcadia has gone into administration with 13,000 jobs now hanging in the balance"},"content":{"rendered":"<p>Sir Philip Green\u2019s Arcadia Group has <strong>officially collapsed into administration,<\/strong> putting 13,000 jobs at risk.<\/p>\n<p><!--more--><\/p>\n<p>The high street giant, which includes the Topshop, Dorothy Perkins and Burton brands, <strong>has hired administrators from Deloitte after the pandemic \u201cseverely impacted\u201d sales<\/strong> across its brands.<\/p>\n<p>The group, which runs<strong> 444 stores in the UK and 22 overseas, said 9,294 employees are currently on furlough.<\/strong><\/p>\n<p>No redundancies are being announced yet as a result of the appointment and<strong> stores will continue to trade, the administrators said.<\/strong><\/p>\n<p>Ian Grabiner, chief executive of Arcadia, said: <strong>\u201cThis is an incredibly sad day for all of our colleagues<\/strong> as well as our suppliers and our many other stakeholders.<\/p>\n<p>\u201cThe 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.<\/p>\n<p>\u201cThroughout this immensely challenging time our priority has been to protect jobs and <strong>preserve the financial stability of the group in the hope that we could ride out the pandemic<\/strong> and come out fighting on the other side.<\/p>\n<p>\u201cUltimately, however, in the face of the most difficult trading conditions we have ever experienced,<strong> the obstacles we encountered were far too severe<\/strong>.\u201d<\/p>\n<p>Matt Smith, joint administrator at Deloitte, said: \u201cWe will now work with the existing management team and broader stakeholders to <strong>assess all options available for the future of the group\u2019s businesses.<\/strong><\/p>\n<p>\u201cIt is<strong> our intention to continue to trade all of the brands,<\/strong> and we look forward to welcoming customers back into stores when many of them are allowed to reopen.<\/p>\n<p>\u201cWe will be rapidly seeking expressions of interest and expect to identify one or more buyers to ensure the future success of the businesses.<\/p>\n<p>\u201cAs administrators we\u2019d like to thank all of the group\u2019s employees, customers and business partners for their support, at what we appreciate is a difficult time.\u201d<\/p>\n<p>Earlier today, <strong>Mike Ashley\u2019s Frasers Group said an offer for a \u00a350m lifeline for Arcadia was rejected.<\/strong><\/p>\n<p>The news came as MPs called on Sir Philip to cover a shortfall in the pension scheme and urged the pension watchdog to fight on behalf of the group\u2019s workers.<\/p>\n<p>Stephen Timms, chairman of the Work and Pensions Committee, called on the tycoon\u00a0to fill the pensions black hole, which is estimated to be as large as \u00a3350m.<\/p>\n<p>See TheIndustry.fashion homepage for further analysis of the situation at Arcadia and upcoming breaking news...<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p> [&hellip;]<\/p>\n","protected":false},"author":11,"featured_media":136137,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[16042,10585,6,10494],"tags":[10002,11120,10425,11222,35,10267,10281,9665,12749],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Arcadia has gone into administration with 13,000 jobs now hanging in the balance - TheIndustry.fashion<\/title>\n<meta name=\"description\" content=\"Sir Philip Green\u2019s Arcadia Group has officially collapsed into administration, putting 13,000 jobs at risk. 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