Sir Philip Green news and archive

MPs urge Sir Philip Green to cover Arcadia's pension shortfall

The chair of the UK’s Work and Pensions Committee has urged Arcadia boss Sir Philip Green to plug the group’s pension shortfall. In a statement released yesterday, hours before the high street group fell into administration, MP Stephen Timms called for clarity on the status of a 385 million pound package agreed by the Pensions Regulator, Arcadia...

BusinessFeatured

Arcadia falls into administration, putting 13,000 jobs at risk

Sir Philip Green’s Arcadia has become the latest retail casualty of the Covid-19 pandemic after falling into administration on Monday evening and putting some 13,000 jobs at risk. The group, whose portfolio includes Topshop, Burton and Dorothy Perkins, has appointed administrators from Deloitte after the company’s trading was “severely impacted”...

RetailFeatured

The end of Topshop and Arcadia would be the biggest UK collapse of the pandemic

Once the king of the high street, Topshop parent company Arcadia would be the biggest corporate collapse during the time of the pandemic if it goes into administration. With its 500 store portfolio its closure would create giant craters in the high street leaving unfillable gaps. Questions about what will happen to Arcadia’s 350 million pound...

BusinessFeatured

Philip Green's retail empire suffers dramatic loss

Sir Philip Green’s Arcadia Group has suffered an unprecedented loss of 169 million pounds, as the ailing business narrowly avoided a collapse in June this year. Accounts filed by Arcadia’s holding company Taveta Investments Ltd showed turnover fell 4.5 percent to 1.81 billion pounds, while operating profit fell to 78.1 million pounds from 124.1...

Business

Arcadia denies reports it's breaking brands up to be sold

Arcadia has denied claims that owner Sir Philip Green is considering breaking up the brands in his group so they can be sold separately over time. According to the Sunday Times, Arcadia has begun separating shared functions such as HR and IT across the brands, which include Topshop, Dorothy Perkins, Miss Selfridge, Wallis, Evans and Burton. The...

Fashion

US landlords drop challenges against Arcadia CVA

Arcadia Group is set to move forward with its restructuring plans after two US landlords dropped challenges against two of its company voluntary arrangements (CVAs). The decision came following “significant and constructive dialogue” with the two landlords, Arcadia said in a statement on Tuesday. Ian Grabiner, CEO of Arcadia Group, said: “With...

Business

Arcadia restructuring plans challenged by US property trust Vornado

Sir Philip Green’s Arcadia has received a legal challenge from two legal entities of US property group Vornado over its restructuring plans. Arcadia received backing from the majority of its creditors on 12 June for seven Company Voluntary Arrangements (CVAs). As part of the restructuring plans, the retail giant plans to close 23 stores across...

Business

Arcadia wins legal battle with US landlords

Sir Philip Green’s Arcadia has won a legal battle with American landlords following Topshop USA’s bankruptcy filing. Five US landlords, including property giant Vornado, were seeking to recoup more than 100 million pounds in losses, arguing that Arcadia’s company voluntary arrangements (CVAs) had compromised their rights as foreign creditors,...

Business

Arcadia restructuring to see over 1,000 job losses

Arcadia this week came to an agreement with its landlords to avoid a collapse and inevitably entering administration. But the agreement is not without consequences and job losses for many of the company’s staff and employees. The ailing retailer will have to cut 170 jobs at its headquarters and approximately 1,000 shop floor jobs with the...

Business

Arcadia Group rescue vote postponed

Can Sir Philip Green save his retail empire? A vote that would see the Arcadia Group secure a deal to close 48 stores resulting in 1000 job losses, has been postponed until next week. The landlords of Arcadia's various retail portfolio rejected the initial plan and will “conduct further dialogue” said the BBC. Ian Grabiner, chief executive of...

BusinessFeatured

Sir Philip Green charged with assault in USA

Topshop owner Sir Philip Green has been dogged with a new sexual harassment scandal, this time in the United States. The Arcadia Group boss has been charged with four counts of misdemeanour assault, following allegations of inappropriate touching of a fitness instructor in Arizona. According to the BBC the alleged incidents occurred at the...

People

Topshop owner Sir Philip Green loses billionaire status

Topshop owner Sir Philip Green has lost his status as a billionaire as the former king of the high street sees his fortune halved, according to the Sunday Times Rich List. Green’s wealth has been estimated at 950 million pounds, down from 4.9 billion pounds in 2007. This is the first time in 17 years that Sir Philip has not been listed as a...