{"id":166102,"date":"2020-04-09T07:33:00","date_gmt":"2020-04-09T07:33:00","guid":{"rendered":"https:\/\/www.theindustry.fashion\/arcadia-looks-to-raise-50m-to-see-it-through-crisis\/"},"modified":"2021-08-06T12:05:23","modified_gmt":"2021-08-06T12:05:23","slug":"arcadia-looks-to-raise-50m-to-see-it-through-crisis","status":"publish","type":"post","link":"https:\/\/www.theindustry.fashion\/arcadia-looks-to-raise-50m-to-see-it-through-crisis\/","title":{"rendered":"Arcadia looks to raise \u00a350m to see it through crisis"},"content":{"rendered":"<p>Sir Philip Green's Arcadia group is looking to raise \u00a350m to help see the fashion empire through the COVID-19 crisis.<\/p>\n<p><!--more--><\/p>\n<p>According to<a href=\"https:\/\/news.sky.com\/story\/coronavirus-high-street-tycoon-green-seeks-50m-to-prop-up-arcadia-11970749\"><em> Sky News<\/em><\/a>, the group, whose brands include Topshop, Dorothy Perkins, Burton, Evans, Wallis and Miss Selfridge, is <strong>looking into borrowing\u00a0\u00a350m against its distribution centre in Daventry<\/strong>, Northamptonshire.<\/p>\n<p>All <strong>550 of the group's stores are closed<\/strong> during the crisis in line with the Government's mandatory shut down of non-essential retail and e-commerce is still operational, albeit at a reduced capacity.<\/p>\n<p>Arcadia has <a href=\"https:\/\/www.theindustry.fashion\/arcadia-furloughs-the-vast-majority-of-its-staff\/\">furloughed the majority of its 16,500 workforc<\/a>e. All store staff and a number of head office staff, totalling 14,500, have been placed on the Government-backed job retention scheme. Senior managers have taken pay-cuts, while CEO Ian Grabiner has waived his salary and all benefits.<\/p>\n<p>It is also understood that the company is also talking to landlords and is <a href=\"https:\/\/www.theindustry.fashion\/arcadia-reported-to-be-planning-permanent-store-closures\/\">looking to close a significant number of its stores<\/a> permanently. Meanwhile it has also <a href=\"https:\/\/www.theindustry.fashion\/coronavirus-greens-arcadia-empire-to-halt-pension-payments\/\">paused payments into its pension scheme<\/a>.<\/p>\n<p>The <strong>Daventry distribution centre was opened last year<\/strong> and is central to Topshop's logistics operations. It is owned by Sir Philip's wife Lady Tina, who is\u00a0have agreed as part of the group's restructuring last year to subordinate her debt position, in order to allow Arcadia to borrow against it.<\/p>\n<p>Arcadia had been operating under a CVA since last June. At that time it agreed the closure of 23 stores and a further 25 under a separate insolvency procedure.<\/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],"tags":[11120,5202,5707,10267,9665],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Arcadia looks to raise \u00a350m to see it through crisis - TheIndustry.fashion<\/title>\n<meta name=\"description\" content=\"Sir Philip Green&#039;s Arcadia group is looking to raise \u00a350m to help see the fashion empire through the COVID-19 crisis. 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