Nov 28, 2020

Arcadia: Buyers to 'pick over carcass' of Topshop owner, says former boss

Breaking up the Arcadia retail empire, which includes Topshop, Burton and Dorothy Perkins, is "The only way" forward as it faces collapse, its former chief executive said. Lord Rose, who was chief executive of Arcadia until it was bought by retail tycoon Sir Philip Green in 2002, said the company had been "Caught out" by the "Relentless pace of change" in retail, which was only made worse by the Covid-19 crisis. Arcadia would be the biggest British corporate collapse of the pandemic if it enters voluntary liquidation, analysts said. Any proceeds of a sale would be likely to end up in the Arcadia pension fund, which is hundreds of millions of pounds in deficit and would have a priority claim on the company's assets. Lord Rose said Arcadia teetering on the brink of collapse was jut one aspect of a "Sector-wide malaise that's been accelerated by the problems with Covid".

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