The Company behind High Street brands, Topshop, Dorothy Perkins and Miss Selfridge, Arcadia could formally appoint advisersnext week, putting 15,000 jobs at risk.
Arcadia, owned by the controversial entrepreneur Sir Philip Green failed to make a repayment of a £30m according to reports on Sky News.
Arcadia currently has around 500 shops and said that Covid has had a considerable effect on the business
“As a result, the Arcadia boards have been working on a number of contingency options to secure the future of the group’s brands. The brands continue to trade and our stores will be opening again in England and the Republic of Ireland as soon as the government Covid-19 restrictions are lifted next week.”