Giant fashion group Arcadia is believed to be on the verge of the worst UK corporate collapse of the Covid crisis, with the firm expected to go into administration as early as Monday. This would put 13,000 jobs at risk.
Topshop owner Arcadia is reportedly in urgent talks to secure fresh funding in order to stay afloat. That's according to a weekend report that said the group has approached lenders about borrowing roughly £30m".
Fat Face is on the verge of being taken over by its lenders, that include banks and debt funds, in a debt-for-equity swap designed to drastically reduce the firm’s borrowings and help it weather the coronavirus storm.