Philip Green’s Retail Empire Arcadia Files for Insolvency
- Retailer hurt by mandatory closures amid global pandemic
- Deloitte to oversee operations with existing management
Photographer: Jason Alden/Bloomberg
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Philip Green’s Arcadia Group has filed for insolvency as the U.K. retailer buckles under pressure from the coronavirus pandemic, putting at risk 13,000 jobs.
The company confirmed in a statement that it had appointed Deloitte as administrator in the proceedings, a move that will allow the owner of brands including Topshop and Dorothy Perkins to seek protection from creditors.