Sir Philip Green’s Arcadia Group has rejected the claims that it is on the verge of hiring administrators.
Over the last week, there had been reports that the Group was working on plans to appoint Deloitte as administrator wherein Directors can run the show while trying to sell Arcadia’s brands separately.
The Group has now denied the claims and said that though the second lockdown has hit them, they have taken necessary measures to safeguard their staff and stakeholders.
A spokesperson of the Group said that despite all lockdown challenges, the business has been continuing through their own digital channels and through their partners.
Reportedly, the owner of Topshop/Topman is in talks with lenders on £30 million funding so as to help the business as the nation went into lockdown in the first week of November.
All this comes in the wake of reports that the retailer has been rescheduling some of its suppliers’ orders to review the lockdown impact on its stock levels.
Also Read: Arcadia Group temporarily halts some shipments amidst new lockdown
Meanwhile, the Arcadia Group hasn’t commented on the talks regarding funding.
Stay tuned for more details
