Sir Philip Green’s Arcadia Group has, according to media reports, put up its erstwhile London headquarters for Burton for sale.
With the retailer still struggling to come out of the COVID-19 impact, the decision to put the headquarters for sale hasn’t come as a surprise for many in the industry.
Notably, Arcadia has been fast losing its digital business to its competitors such as Asos and Boohoo and lately it has been initiating efforts on fresh restructuring with Deloitte.
Reportedly, Sir Philip Green recently hired agents at BNP Paribas to help sell Corinthian House (former London headquarters of Burton) at an asking price of £80 million.
2019 had seen Arcadia’s pension fund take over security of the building as a part of an agreement to win the support of the Pension Protection Fund for revamping.
Arcadia Group, at its last valuation, had a pension deficit of £537 million.
Meanwhile, the Group has apologised to all the individuals who have been severely impacted by the move that is set to make quite a few jobs redundant.
Only few weeks back, Arcadia, which also owns Topshop, Topman and Evans, had agreed to pay full salaries to its head office staff facing redundancy.
Also Read: In a reversal, Arcadia to pay full salaries for staff facing redundancy
