group: If a deal cannot be agreed well before the group's next rental payment in late June, Arcadia which includes Topshop, Dorothy Perkins, Miss Selfridge, Wallis, Evans and Burton could face administration, according to The Guardian. Green, who has not been in the UK since October, is said to be keen to wrap up an exit from the group he bought for 850m 17 years ago. The billionaire's Arcadia group, which employs about 19,000 people, is desperate to secure a rescue restructure that will involve the closure of about 50 of the group's 570 British stores. With his reputation in tatters after the collapse of BHS and accusations of inappropriate behaviour, the entrepreneur has lost his appetite for the British high street. Even then, only Topshop is likely to attract serious interest, although the likes of the Edinburgh Woollen Mill owner Philip Day and Sports Direct boss Mike Ashley might be tempted to pick up the smaller brands if they went bust. One alternative to administration for Arcadia could be an immediate sale, but industry experts say a deal is highly unlikely without a process to cut costs and reduce the burden of the group's pension black hole which comes to 537m.
(news.financializer.com). As
reported in the news.
Tagged under group, arcadia topics.