{"id":41692,"date":"2020-12-01T14:42:29","date_gmt":"2020-12-01T14:42:29","guid":{"rendered":"http:\/\/thevoiceoflondon.co.uk\/?p=41692"},"modified":"2020-12-01T14:42:29","modified_gmt":"2020-12-01T14:42:29","slug":"the-fall-of-the-retail-empire-arcadia-group-filing-for-bankruptcy","status":"publish","type":"post","link":"https:\/\/blog.westminster.ac.uk\/thevoiceoflondon\/the-fall-of-the-retail-empire-arcadia-group-filing-for-bankruptcy\/","title":{"rendered":"The fall of the retail empire: Arcadia Group filing for bankruptcy"},"content":{"rendered":"<p><strong>The British retail company, Arcadia, was put in bankruptcy protection on Monday which placed 13,000 jobs at risk due to the COVID-19 pandemic. <\/strong><\/p>\n<p>According to <a href=\"https:\/\/edition.cnn.com\/2020\/11\/30\/investing\/arcadia-topshop-administration\/index.html\">CNN Business<\/a>, this move ought to protect the company from creditors while a buyer is soughted for all the parts of the company.<\/p>\n<p><a href=\"https:\/\/www.arcadiagroup.co.uk\/\">Arcadia\u00a0Group<\/a> is a British multinational retailing company run by Philipp Green for 18 years. It owns high street clothing retailers like Burton, Dorothy Perkins, Evans, Miss Selfridge and Topshop.<\/p>\n<div id=\"attachment_41715\" style=\"width: 509px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-41715\" class=\"wp-image-41715\" src=\"http:\/\/blog.westminster.ac.uk\/thevoiceoflondon\/wp-content\/uploads\/sites\/64\/2020\/12\/miss-selfridge-1024x692.jpg\" alt=\"\" width=\"499\" height=\"337\" \/><p id=\"caption-attachment-41715\" class=\"wp-caption-text\">Photo by: Slimmer_jimmer | Creative Commons<\/p><\/div>\n<p>England is in a four-week lockdown that has forced the closure of all shops selling items viewed as non-essential. The lockdown expires on December 2 and shops will be allowed to reopen.<\/p>\n<p>Ian Grabiner, Arcadia&#8217;s chief executive, said: &#8220;This is an incredibly sad day for all of our colleagues as well as our suppliers and our many other stakeholders. The impact of the Covid-19 pandemic including the forced closure of our stores for prolonged periods has severely impacted on trading across all of our brands.&#8221;<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">This yacht could save thousands of jobs. It\u2019s worth 100 million and is owned by Philip Green. <a href=\"https:\/\/twitter.com\/hashtag\/ArcadiaGroup?src=hash&amp;ref_src=twsrc%5Etfw\">#ArcadiaGroup<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/PhilipGreen?src=hash&amp;ref_src=twsrc%5Etfw\">#PhilipGreen<\/a> <a href=\"https:\/\/t.co\/L2My8KuUQc\">pic.twitter.com\/L2My8KuUQc<\/a><\/p>\n<p>&mdash; james E foster (@jamesbroad1711) <a href=\"https:\/\/twitter.com\/jamesbroad1711\/status\/1333321681771896832?ref_src=twsrc%5Etfw\">November 30, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><a href=\"https:\/\/www.cnbc.com\/2020\/11\/30\/philip-greens-retail-empire-arcadia-goes-into-bankruptcy-protection-.html\">CNBC analysyts<\/a> say that COVID-19 is not the sole reason for the company&#8217;s bankrupty. Arcadia had been losing in the competition with cheaper retailers like H&amp;M and Primark.<\/p>\n<p>Moreover, the situation was worsened by Green&#8217;s poor financial administration and lavish spendings.<\/p>\n<p>In a statement ruled by Deloitte, the company has entered administration. According to the statement, there are no redundancies to be announced on Monday and stores would continue to operate as usual.<\/p>\n<h3>Read more:<\/h3>\n<ul>\n<li><a href=\"http:\/\/thevoiceoflondon.co.uk\/sir-philip-greens-topshop-empire-faces-collapse-within-days\/\">Sir Philip Green&#8217;s Topshop empire faces collapse within days\u00a0<\/a><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><strong>Words: Chinara Sadikhova | Subbing: Dina Nazari<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The British retail company, Arcadia, was put in bankruptcy protection on Monday which placed 13,000 jobs at risk due to the COVID-19 pandemic. According to CNN Business, this move ought to protect the company from&#8230;<\/p>\n","protected":false},"author":476,"featured_media":41727,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[93],"tags":[],"class_list":["post-41692","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\/41692","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=41692"}],"version-history":[{"count":0,"href":"https:\/\/blog.westminster.ac.uk\/thevoiceoflondon\/wp-json\/wp\/v2\/posts\/41692\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.westminster.ac.uk\/thevoiceoflondon\/wp-json\/wp\/v2\/media\/41727"}],"wp:attachment":[{"href":"https:\/\/blog.westminster.ac.uk\/thevoiceoflondon\/wp-json\/wp\/v2\/media?parent=41692"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.westminster.ac.uk\/thevoiceoflondon\/wp-json\/wp\/v2\/categories?post=41692"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.westminster.ac.uk\/thevoiceoflondon\/wp-json\/wp\/v2\/tags?post=41692"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}