TopShop collapses, 13k jobs at risk

Via Domain:

British tycoon Sir Philip Green’s Arcadia fashion group has collapsed into administration, putting over 13,000 jobs at risk and becoming the country’s biggest corporate casualty of the COVID-19 pandemic so far, administrator Deloitte said on Monday (UK time).

Deloitte said the stores will remain open, or reopen when permitted under the government’s COVID-19 restrictions, and no redundancies were being immediately announced.

“We will now work with the existing management team and broader stakeholders to assess all options available for the future of the group’s businesses,” said Matt Smith, joint administrator at Deloitte.

He said Deloitte would rapidly seek expressions of interest and expected to identify one or more buyers to ensure the future of the businesses.

Anybody got a few million to waste? Stayans are saving like it’s the GFC:

Good luck turning it around in a hurry.

David Llewellyn-Smith
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Comments

  1. Fast Fashion is a detriment to society. Good riddance.

    What is the problem with fast fashion?
    Impact of Fast Fashion

    The pressure to reduce costs and speed up production time means that environmental corners are cut in the name of profit. Fast Fashion’s negative impact includes the use of cheap, toxic textile dyes – with the fashion industry the second largest polluter of clean water globally after agriculture

  2. Pardon my ignorance, but does Topshop even operate in Australia? I realise it’s got a profile in the UK high street AND a lot of Australians visit / work in the UK (I wasn’t one) but why should I give a stuff about topshop? Just some foreign store who make junk and will have to make less of it.

    • robert2013MEMBER

      The tried opening stores here in a few big city centres but they didn’t last long. Their stuff was then sold through Myer stores. Not sure if they still are.

  3. Mr Green is continuing his history of ripping off investors and workers. The assets have all been tucked away on Cyprus or sent on holidays in the Caribbean so the creditors do not have to worry about them.