Arcadia’s administration would be the UK’s highest-profile retail insolvency in a sector that has already lost more than 125,000 roles in the country since January. It would also mark a stratospheric fall from grace for Sir Philip, who was once dubbed “King of the High Street”.
Arcadia would follow Debenhams, the struggling department-store retailer, which filed for the same type of proceedings in April, allowing the company to stay in business while seeking a buyer or fresh funding.
Like most UK retailers, Arcadia has been struggling under coronavirus restrictions. A second lockdown in England put additional pressure on the company as it was forced to keep its stores closed throughout November.
On Friday, it said in a statement it wa…
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