Sunday, April 11, 2021

archiveArcadia

Business

Arcadia assets sale gives hope to thousands of pension savers | Philip Green

Thousands of workers saving pensions at Sir Philip Green’s Arcadia Group have been offered fresh hope they will recover more from their savings than feared following the sale of property assets at the tycoon’s collapsed company.Sources said the Arcadia scheme is on course to remain independent of the pensions lifeboat – which protects people with a defined benefit pension when an employer becomes insolvent, but at a reduced level – after trustees said they had realised £173m via the sale of assets since the company failed.The proceeds are understood to...
Business

Philip Green’s Arcadia Group collapses into administration | Business

Sir Philip Green’s Arcadia Group has collapsed into administration, putting 13,000 jobs at risk as the retail tycoon’s high street career ends in failure. The owner of household names including Topshop, Topman, Miss Selfridge, Dorothy Perkins, Evans and Burton appointed administrators from Deloitte on Monday. No immediate redundancies were made as a result of the appointment and stores will continue to trade. The move will protect Arcadia from creditors while a buyer is sought for all or parts of the company. Green, 68, is not expected to bid for any...
Tech

The Guardian view on Arcadia and a retail emergency: where’s the plan? | Retail industry

Arcadia is a figurative region of rural contentment. Perhaps no other business has been so inappropriately named as Arcadia Group, which owns Topshop, Burton and Wallis. This week it is likely to enter administration, offering a cautionary tale. Sir Philip Green, Arcadia’s driving force, used cost-cutting to boost profits. Financial engineering saw a £1.2bn tax-free dividend paid to the Green family in 2005. But there was little innovation. Arcadia lost ground to high street and online rivals. Sir Philip became embroiled in unseemly rows with the pensions watchdog over Arcadia’s...
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