The UK fashion retailer Arcadia, which owns the brands Topshop, Dorothy Perkins, Miss Selfridge, Burton, Wallis, Evans, Topman and Outfit, is working on “contingency options” to secure its future.
The group said that the Covid-19 pandemic “has had a material impact” on its business.
“As a result, the Arcadia boards have been working on a number of contingency options to secure the future of the group’s brands,” it added.
According to Sky News, the group could collapse “within days,” putting about 15,000 jobs at risk. It added that Arcadia will appoint Deloitte as administrator as soon as Monday after failing to reach an agreement with lenders over 30 million pounds in emergency funding. Arcadia dismissed reports of impending insolvency as speculation.
Arcadia noted that its brands continue to trade and that its stores in England and the Republic of Ireland will open again as soon as Covid-19 restrictions are lifted next week. Ireland is expected to scale down restrictions on Dec. 1 and England is scheduled to end its lockdown on Dec. 2.