{"id":39741,"date":"2020-11-17T12:00:53","date_gmt":"2020-11-17T12:00:53","guid":{"rendered":"http:\/\/thevoiceoflondon.co.uk\/?p=39741"},"modified":"2020-11-17T12:00:53","modified_gmt":"2020-11-17T12:00:53","slug":"topshop-in-need-of-30m-loan-as-pre-christmas-sales-hit-a-plummet","status":"publish","type":"post","link":"https:\/\/blog.westminster.ac.uk\/thevoiceoflondon\/topshop-in-need-of-30m-loan-as-pre-christmas-sales-hit-a-plummet\/","title":{"rendered":"Topshop in need of \u00a330m loan as pre-Christmas sales hit a plummet"},"content":{"rendered":"

Sky News revealed that Topshop owner, Arcadia, is aiming to secure \u00a330m in funding following the second coronavirus lockdown in England.<\/strong><\/p>\n

All non-essential retailers in England have been forced to close once again until December 2nd<\/sup> due to the announcement of the second lockdown.<\/p>\n

Many small and street-store businesses have struggled as a result of the closure of their stores for the majority of the year, especially within the fashion industry.<\/p>\n

Whereas predominantly online based stores have thrived.<\/p>\n

The British multinational retailing company, Arcadia Group Ltd, owns brands including Topshop, Topman, Dorothy Perkins, Evans, Miss Selfridges, Burton and Wallis.<\/p>\n

They furloughed 15,000 of their workforces across more than 500 outlets during the first country-wide lockdown.<\/p>\n

Unfortunately, a couple hundred of their employees were made redundant after suffering heavily from the first shutdown.<\/p>\n

Presently, the staff from their England based stores are on the government\u2019s subsidy scheme.<\/p>\n

However, outer stores located in Scotland, Wales and Northern Ireland have since been reopened.<\/p>\n

\"\"

Photo by: Shutterstock (Philip Green)<\/p><\/div>\n

Arcadia chairman, Philip Green, has allegedly contingency plans in place for the business\u2019s future. The plans aim to secure financing and the continuing of trading.<\/p>\n

Online sales just don\u2019t seem to be enough and overall sales seem to be lacking further during England\u2019s second lockdown and the Christmas period.<\/p>\n

According to Sky News, Green is seeking a \u00a330m funding deal between Topshop\u2019s owners and potential lenders. He is currently in discussion with several parties.<\/p>\n

Another report suggests that there are plans to \u2018place the business into administration\u2019.<\/p>\n

The company obtained a creditors\u2019 approval deal over a year ago, to restructure its finances. If Arcadia falls into administration due to the pandemic, they will lose \u00a3400 million in assets.<\/p>\n

In September, the Sunday Times stated that Arcadia had put Burton\u2019s previous headquarters up for sale for \u00a380m.<\/p>\n

Debenhams \u2013 another major partner selling a variety of brands \u2013 is facing many of its own challenges, as the department store chain is in administrations and is in talks to find a buyer.<\/p>\n

Many organisations have had to adjust wisely to circumstances this year, but things really are not looking good for the billion dollar company.<\/p>\n

 <\/p>\n

Words by: Davionne Sweeney-Mcintosh | Subbing: Grace Staley<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Sky News revealed that Topshop owner, Arcadia, is aiming to secure \u00a330m in funding following the second coronavirus lockdown in England. All non-essential retailers in England have been forced to close once again until December…<\/p>\n","protected":false},"author":476,"featured_media":39742,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[93],"tags":[],"class_list":["post-39741","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/blog.westminster.ac.uk\/thevoiceoflondon\/wp-json\/wp\/v2\/posts\/39741","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.westminster.ac.uk\/thevoiceoflondon\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.westminster.ac.uk\/thevoiceoflondon\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.westminster.ac.uk\/thevoiceoflondon\/wp-json\/wp\/v2\/users\/476"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.westminster.ac.uk\/thevoiceoflondon\/wp-json\/wp\/v2\/comments?post=39741"}],"version-history":[{"count":0,"href":"https:\/\/blog.westminster.ac.uk\/thevoiceoflondon\/wp-json\/wp\/v2\/posts\/39741\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.westminster.ac.uk\/thevoiceoflondon\/wp-json\/wp\/v2\/media\/39742"}],"wp:attachment":[{"href":"https:\/\/blog.westminster.ac.uk\/thevoiceoflondon\/wp-json\/wp\/v2\/media?parent=39741"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.westminster.ac.uk\/thevoiceoflondon\/wp-json\/wp\/v2\/categories?post=39741"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.westminster.ac.uk\/thevoiceoflondon\/wp-json\/wp\/v2\/tags?post=39741"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}