All through 2020, we have been hearing several fashion retailers succumbing to the deadly COVID-19 and as we reach the last month of the cursed year, here’s another casualty!
Arcadia Group, which owns globally renowned brands like Topshop and Dorothy Perkins, has also collapsed into administration.
Though no redundancies have been announced as yet, there’s speculation that around 13,000 jobs are now at risk.
The British fashion retailer has hired administrators from Deloitte, who have said that all orders made through e-commerce, especially during the Black Friday weekend, will be honoured.
Stating it as a very sad day for company colleagues, stakeholders and suppliers, Ian Grabiner, CEO, Arcadia, said that all through the pandemic phase, it was striving to protect jobs and preserve the financial stability of the Group; however the hurdles were far too severe for it to manage.
The administrators have said that they expect to identify one or more buyers to ensure future success of Group’s business. Only last month, the Group had denied claims of hiring administrators.
Also Read: Arcadia Group dismisses administration claims
The Group, meanwhile, has said that it will continue to keep its physical and online stores fully operational throughout the entire process.
Stay tuned for more on the same!
