Topshop and Miss Selfridge owner Arcadia on brink of collapse with 15,000 jobs at risk

Retail giant Arcadia is reportedly on the brink of collapse with 15,000 retail and head office jobs at risk.

The group - which owns Topshop, Burton and Dorothy Perkins - is preparing to appoint administrators from Deloitte as soon as next week, according to Sky News sources.

It follows reports that a £30million emergency loan was rejected by lenders earlier this month.

The appointment of administrators could happen as early as Monday.

If the insolvency is confirmed, the business could go up for sale and a number of stores could face permanent closure.

Potential bidders include Boohoo - which recently acquired the Oasis and Warehouse brands.

In a statement on Friday, the company said it is working on "contingency options to secure the future of the group’s brands".

https://www.msn.com/en-gb/money/other/topshop-and-miss-selfridge-owner-arcadia-on-brink-of-collapse-with-15-000-jobs-at-risk/ar-BB1bpu4m?ocid=spartan-ntp-feeds