Topshop & Dorothy Perkins Of Arcadia Group Goes Into Administration with 13,000 Jobs at Risk
Another British retailing company Arcadia Group where they own the brands such as Topshop and Dorothy Perkins has entered into the administration stage which is a process similar to declaring bankruptcy. While the other brands owned by the group that Singaporeans are familiar with are Topman and Miss Selfridge.
This process of administration will somehow put 13,000 jobs at risk although currently there are no immediate redundancies were announced yet. According to Reuters, the company now is placed under the control of an insolvency practitioner which is Deloitte, and trying to aim to rescue this company in which it will protect Arcadia from creditors while a buyer is currently sought for the company.
As the recent news where Arcadia brands Topshop and Topman have already closed their physical stores here in Singapore earlier. Let just hope that they will manage to brave through this storm or manage to come out with some better turnaround solutions soon.