×
60 609
Fashion Jobs
MIZZEN+MAIN
Account Executive - Specialty ne & Midwest
Permanent · DALLAS
COTY
Area Sales Manager
Permanent · Miami
LEVI'S
Part-Time Sales Supervisor
Permanent · Katy
SALLY BEAUTY HOLDINGS LLC
Outside Sales Representative -Cosmoprof
Permanent · Colorado Springs
SALLY BEAUTY HOLDINGS LLC
2nd Shift Inventory Control Specialist
Permanent · Jacksonville
NORDSTROM
Asset Protection - Agent - North Point Marketcenter Rack
Permanent · Alpharetta
NORDSTROM
Asset Protection - Agent - The Outlet Collection Rack
Permanent · Auburn
NORDSTROM
Asset Protection - Security Ambassador - Galleria at Roseville
Permanent · Roseville
LULULEMON
Assistant Manager, Operations | Cherry Creek Mall (1 Year Contract)
Permanent · Denver
LULULEMON
Assistant Manager, Operations | Bellevue Square
Permanent · Bellevue
LULULEMON
Assistant Manager, Operations (Hyde Park)
Permanent · Chicago
OLD NAVY
Assistant Manager, Customer Operations - Airport Square
Permanent · North Wales
OLD NAVY
Assistant Manager, Customer Operations - Monroe Mktplace
Permanent · Selinsgrove
OLD NAVY
Asset Protection Coordinator - Florida West
Permanent · Estero
OLD NAVY
Assistant General Manager, Merchandising - Jefferson Mall
Permanent · Louisville
OLD NAVY
Assistant General Manager, Merchandising - Willowbrook-Houston
Permanent · Houston
OLD NAVY
Assistant Manager, Customer Operations - Oshkosh
Permanent · Oshkosh
OLD NAVY
General Manager - Ridgewood Court
Permanent · Jackson
OLD NAVY
General Manager - Monroe Marketplace
Permanent · Selinsgrove
OLD NAVY
Asset Protection Coordinator - Portland
Permanent · Beaverton
OLD NAVY
General Manager - Tikahtnu Commons
Permanent · Anchorage
OLD NAVY
General Manager - Watertown
Permanent · Watertown
Published
Jan 27, 2021
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Arcadia had debts of £750m as it collapsed

Published
Jan 27, 2021

The size of debt that forced Arcadia into administration was revealed Wednesday: £750 million. However, the group’s administrator Deloitte warned the final figure was expected to be "materially higher”.


photo: Nigel Taylor


It was the group’s star Topshop and brother brand Topman that did most of the damage, failing with gross liabilities of more than £550 million, according to filings. Meanwhile discount brand Outfit also owed £80m, according to analysis sent to creditors and seen by The Telegraph.

Creditors to Topshop and Topman are owed £82.2m with overseas suppliers and property owners hit the hardest. At least 22 firms are owed between £1 million to £3 million each, including property giants Savills and Unibail-Rodamco-Westfield, owner of the Westfield White City shopping mall in London.

However, it has yet to be revealed how much Sir Philip Green’s retail empire collapse will affect the 9,000 members of its pension scheme or how much is owed to HM Revenue & Customs and from unpaid VAT.

It also excludes "a number of intercompany creditors, amounts due under guarantees crystallised by the insolvency”, understood to include amounts owed to companies owned by Sir Philip and his family, the report says. Arcadia called in Deloitte last month.

Deloitte also said it would update creditors, including landlords and suppliers, as it gathered further information.

Earlier in the week, online fashion retailer Asos confirmed it was in exclusive talks to buy the Topshop, Topman Miss Selfridge and HIIT brands.

However, it has no plans to acquire any of the stores, putting the majority of its 13,000 workforce at risk.

Administrators have already begun winding down the stores, with more units expected to be closed permanently by the end of the month, Deloitte said. 

Copyright © 2022 FashionNetwork.com All rights reserved.