Arcadia group Topshop are on the brink of collapse.
British billionaire and businessman, Sir Phillip Green‘s Topshop empire Arcadia Group is facing collapse after losing market shares and facing heavy competition.
The Arcadia Group consists of various well known brands: Burton, Dorothy Perkins, Evans, Miss Selfridge, Outfit, Topman, Topshop and Wallis.
Heavy competition from Primark and Boohoo means Topshop has lost a large number of its audience to the clothing stores. As a result of losing the market share, TopShop is to looking to appoint new administrators.
As furlough pay was introduced to retail employees in late April, many relied on this pay. The situation may be completely different for Topshop store employees however, as many are now at risk of losing their jobs.
With over 160 stores across the globe and 15,000 employees, Topshop is at high risk of closure unless they find buyers.
Administrators are to be appointed by Monday 30th November, 2020, but due to Covid – 19 it may be delayed.