Nov 15, 2020

Arcadia says it is seeking to mitigate drag from second lockdown

Arcadia, the fashion empire controlled by Philip Green and his family, said it was taking "All appropriate steps" to mitigate the punishing effects of a second lockdown, but denied it was about to go into administration. Although most stores in Scotland and Wales are trading normally, several hundred of its shops in England are required to remain closed until December 3 as part of a second lockdown. "Clearly, the second UK lockdown presents a further challenge for all retailers and we are taking all appropriate steps to protect our employees and other stakeholders from its consequences," Arcadia said in a statement. Arcadia did not dispute a report by Sky News that it was seeking £30m of additional funding from its lenders to enable it to continue trading through Christmas. A lockdown in England, which the UK government may yet extend, is not the only challenge facing Arcadia.

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