Retail

Vote on Philip Green's Arcadia plan postponed, leaving 18,000 jobs on a knife-edge


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.

Philip and Tina Green empire

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 …



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