Arcadia denies potential bankruptcy

Topshop owner Arcadia has denied a report by The Sunday Times that they are exploring bankruptcy. Sky News also reported that Arcadia was seeking 30 million pounds in loans to sustain the business as the U.K.’s second lockdown is poised to do more damage to the already struggling retailer. However, Arcadia has denied they have explored any options for actually entering administration.

“It is not true that administrators are about to be appointed,” Arcadia said in a statement. “The second UK lockdown presents a further challenge for all retailers and we are taking appropriate steps to protect our stakeholders from its consequences.”

If Arcadia were to enter administration, it would allow them to continue trading while attempting to sell off its brand assets. Arcadia’s portfolio includes Topshop, Miss Selfridge, Dorothy Perkins, Wallis, Evans, and Burton.

FashionUnited has reached out to Arcadia for comment on the state of their financial situation.

photo: via topshop.com