Frasers Group says interested in Arcadia Group

Frasers Group, the owners of Flannels, Sports Direct, and Jack Wills, has said they are eyeing Arcadia Group, the owner of Topshop. Frasers Group is owned by billionaire Mike Ashley. While Topshop was once their rival, they have offered their competitor an emergency loan of 50 million pounds.

It has been reported that Arcadia Group could enter administration Monday. While the company has been struggling for some time, particularly after a sexual harassment scandal involving their owner Sir Philipp Green, global lockdowns from the coronavirus shutdown only aggrandized their troubles.

Arcadia Group going under would result in the loss of 13,000 jobs, and would be one of the most devastating U.K. tragedies from the coronavirus pandemic. The company has been working on restructuring options since 2019. Now, as its 11th hour approaches, Arcadia Group needs a lifeline, and fast.

photo: via Frasers Group Facebook page