Arcadia collapse: What does fall of Sir Philip Green’s retail empire mean for its 13,000 workers?
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Everything you need to know as Topshop and Dorothy Perkins owner goes into administration.
By Tom Embury-Dennis
Sir Philip Green’s Arcadia Group, which includes household names Topshop, Burton and Dorothy Perkins, has collapsed, putting around 13,000 jobs at risk.
The group, which has more than 500 stores across the UK, fell into administration after a last-minute multimillion-pound rescue deal involving Mike Ashley’s Fraser Group fell through over the weekend.
Its collapse will see Deloitte appointed as administrators in the coming days and is set to trigger a scramble among creditors to gain control of the group’s assets.
But what does it mean to go into administration, and what is it likely to mean for the company’s thousands of employees?
What does Arcadia going into administration mean?
A firm goes into administration when it becomes insolvent; in effect when it becomes unable to pay its debts. At that point administrators take control of the business and will either force it i...
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