Sir Philip Green’s Arcadia fashion empire is teetering on the brink of administration after a crucial vote to rescue the business and secure 18,000 jobs was postponed – when the billionaire appeared to be losing the support of his landlords.
Green’s Arcadia business – which includes Topshop, TopMan, Miss Selfridge, Evans, Wallace and Dorothy Perkins – said another vote would be held next Wednesday, in a bid to push through proposals for store closures and rent cuts. Arcadia needed 75% support to win approval and stay in business.
An attempt to win backing for that plan had to be pulled after a meeting lasting more than five hours, as it became clear that Green was facing defeat – and likely administration.
The company has a pension deficit of up to £750m, which would have to be supported by the taxpayer if the company collapses.
Arcadia said on Wednesday said it needed more time to conduct further dialogue with a few landlords and “ensure the long term sustainability of the group, its 18,000 employees and its extensive network of loyal suppliers”.
More to follow …