LONDON (Reuters) – British fashion group Arcadia, which is controlled by retail businessman Philip Green, is preparing to appoint administrators from Deloitte as soon as next week, Sky News reported on Friday.
It cited one retail industry figure as saying Arcadia’s collapse had become inevitable after talks with a number of lenders about an emergency 30 million pounds ($40 million) loan ended without success.
The appointment of administrators could happen as early as Monday, it said.
Arcadia runs brands including Topshop, Topman, Dorothy Perkins and Burton and employs about 15,000.
($1 = 0.7500 pounds)
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.