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1 December 2020, 08:11
Will Topshop, Dorothy Perkins and Burtons close as Arcadia enters administration? Here's what we know.
It was announced yesterday that the Arcadia Group has gone into administration, with 13,000 retail jobs now hanging in the balance.
The retail company - owned by Sir Philip Green - consists of high street stores including Topshop, Dorothy Perkins and Burtons.
According to Sky News, Arcadia chief executive Ian Grabiner said it was an "incredibly sad day" and that the company had been impacted by the coronavirus pandemic.
He said: "This is an incredibly sad day for all of our colleagues as well as our suppliers and our many other stakeholders.
"The impact of the COVID-19 pandemic including the forced closure of our stores for prolonged periods has severely impacted on trading across all of our brands.
"Throughout this immensely challenging time, our priority has been to protect jobs and preserve the financial stability of the group in the hope that we could ride out the pandemic and come out fighting on the other side.
"Ultimately, however, in the face of the most difficult trading conditions we have ever experienced, the obstacles we encountered were far too severe."
Currently, the future of these stores is uncertain, and administrators at Deloitte are reportedly searching for buyers for them.
Matt Smith, joint administrator at Deloitte, said: "Arcadia sits at the heart of the high street, and has been striving to combat the impact of COVID-19 throughout this year.
"Now the effect of the lockdowns, combined with broader challenges facing bricks and mortar retailers, have resulted in a critical funding requirement for the group and today's administration."
Currently, all Arcadia stores are continuing to trade online, and will reopen in England on Wednesday 2 December after the current lockdown.
Arcadia owns high street brands including Topshop, Topman, Miss Selfridge, Dorothy Perkins, Burtons, Wallis and Evans.