The chair of the UK’s Work and Pensions Committee has urged Arcadia boss Sir Philip Green to plug the group’s pension shortfall. In a statement released yesterday, hours before the high street group fell into administration, MP Stephen Timms called for clarity on the status of a 385 million pound package agreed by the Pensions Regulator, Arcadia...
Dec 1, 2020
Sir Philip Green’s Arcadia has become the latest retail casualty of the Covid-19 pandemic after falling into administration on Monday evening and putting some 13,000 jobs at risk. The group, whose portfolio includes Topshop, Burton and Dorothy Perkins, has appointed administrators from Deloitte after the company’s trading was “severely impacted”...
Nov 30, 2020
Once the king of the high street, Topshop parent company Arcadia would be the biggest corporate collapse during the time of the pandemic if it goes into administration. With its 500 store portfolio its closure would create giant craters in the high street leaving unfillable gaps. Questions about what will happen to Arcadia’s 350 million pound...
Sir Philip Green’s Arcadia Group has suffered an unprecedented loss of 169 million pounds, as the ailing business narrowly avoided a collapse in June this year. Accounts filed by Arcadia’s holding company Taveta Investments Ltd showed turnover fell 4.5 percent to 1.81 billion pounds, while operating profit fell to 78.1 million pounds from 124.1...
Sep 8, 2019
Arcadia has denied claims that owner Sir Philip Green is considering breaking up the brands in his group so they can be sold separately over time. According to the Sunday Times, Arcadia has begun separating shared functions such as HR and IT across the brands, which include Topshop, Dorothy Perkins, Miss Selfridge, Wallis, Evans and Burton. The...
Sep 2, 2019
Arcadia Group is set to move forward with its restructuring plans after two US landlords dropped challenges against two of its company voluntary arrangements (CVAs). The decision came following “significant and constructive dialogue” with the two landlords, Arcadia said in a statement on Tuesday. Ian Grabiner, CEO of Arcadia Group, said: “With...
Aug 27, 2019
Sir Philip Green’s Arcadia has received a legal challenge from two legal entities of US property group Vornado over its restructuring plans. Arcadia received backing from the majority of its creditors on 12 June for seven Company Voluntary Arrangements (CVAs). As part of the restructuring plans, the retail giant plans to close 23 stores across...
Jul 16, 2019
Sir Philip Green’s Arcadia has won a legal battle with American landlords following Topshop USA’s bankruptcy filing. Five US landlords, including property giant Vornado, were seeking to recoup more than 100 million pounds in losses, arguing that Arcadia’s company voluntary arrangements (CVAs) had compromised their rights as foreign creditors,...
Jul 8, 2019
Arcadia this week came to an agreement with its landlords to avoid a collapse and inevitably entering administration. But the agreement is not without consequences and job losses for many of the company’s staff and employees. The ailing retailer will have to cut 170 jobs at its headquarters and approximately 1,000 shop floor jobs with the...
Jun 14, 2019
Can Sir Philip Green save his retail empire? A vote that would see the Arcadia Group secure a deal to close 48 stores resulting in 1000 job losses, has been postponed until next week. The landlords of Arcadia's various retail portfolio rejected the initial plan and will “conduct further dialogue” said the BBC. Ian Grabiner, chief executive of...
Jun 6, 2019
Topshop owner Sir Philip Green has been dogged with a new sexual harassment scandal, this time in the United States. The Arcadia Group boss has been charged with four counts of misdemeanour assault, following allegations of inappropriate touching of a fitness instructor in Arizona. According to the BBC the alleged incidents occurred at the...
Jun 3, 2019
