UK retailer Arcadia enters into administration, Retail News, ET Retail

London: British clothing retail team and Topshop owner Arcadia, ravaged by coronavirus lockdowns and fierce on-line competitors, on Monday entered into administration.

The team, which is comprised of eight of the UK’s most effective acknowledged higher-avenue and vogue retail brands and owned by controversial businessman Philip Inexperienced, will be administered by the consultancy business Deloitte, according to a press launch.

The decision throws into uncertainty 13,000 work at the company’s flagship stores which includes Topshop, Topman, Dorothy Perkins, Burton, Overlook Selfridge, Evans and Wallis.

However, Deloitte has specified that there are no layoffs on the horizon and that buying and selling will keep on with a reopening of shops this 7 days as England emerges from a 4-7 days coronavirus lockdown.

“This is an incredibly sad day for all of our colleagues as well as our suppliers and our many other stakeholders,”Arcadia’s managing director Ian Grabine said in a assertion.

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