Sir Philip Green’s retail empire is on the brink of administration, putting 13,000 jobs at risk and threatening an end to the tycoon’s high street reign.

Arcadia Group, which owns Topshop, Miss Selfridge, Dorothy Perkins, Wallis, Evans, Outfit and Burton, was struggling before the coronavirus hit and is set to seek protection from creditors after months of Covid shutdowns took their toll.

The Welsh government has announced that the country's pubs, bars and restaurants will be banned from selling alcohol under new Covid-19 rules coming into force from 6pm on Friday. The first minister of Wales said indoor entertainment venues such as cinemas, bingo halls, soft play areas and casinos would also have to close. Mark Drakeford said the situation would be reviewed on 17 December

Doc67 wrote: ↑Sat Nov 28, 2020 12:09 pm Philip Green's Arcadia on brink of collapse, putting 13,000 jobs at risk

Sir Philip Green’s retail empire is on the brink of administration, putting 13,000 jobs at risk and threatening an end to the tycoon’s high street reign.

Arcadia Group, which owns Topshop, Miss Selfridge, Dorothy Perkins, Wallis, Evans, Outfit and Burton, was struggling before the coronavirus hit and is set to seek protection from creditors after months of Covid shutdowns took their toll.

Isn't the first big collapse and will not be the last. 2020 was when the bomb went off. 2021 is when the fallout hits.
Whole sectors are on the verge of collapse, hospitality being caught in the perfect storm.

Wait until all those billions of Bounce-Back loans start defaulting en masse and all the fraud (and stupidity) get exposed.

Banking crisis 2022? Sovereign debt crisis 2023?

I am seriously considering taking up Valium addiction.

https://www.theguardian.com/business/20 ... risk-covid

xandreu wrote: ↑Tue Dec 01, 2020 1:49 pm

Doc67 wrote: ↑Sat Nov 28, 2020 12:09 pm Philip Green's Arcadia on brink of collapse, putting 13,000 jobs at risk

Sir Philip Green’s retail empire is on the brink of administration, putting 13,000 jobs at risk and threatening an end to the tycoon’s high street reign.

Arcadia Group, which owns Topshop, Miss Selfridge, Dorothy Perkins, Wallis, Evans, Outfit and Burton, was struggling before the coronavirus hit and is set to seek protection from creditors after months of Covid shutdowns took their toll.

Isn't the first big collapse and will not be the last. 2020 was when the bomb went off. 2021 is when the fallout hits.
Whole sectors are on the verge of collapse, hospitality being caught in the perfect storm.

Wait until all those billions of Bounce-Back loans start defaulting en masse and all the fraud (and stupidity) get exposed.

Banking crisis 2022? Sovereign debt crisis 2023?

I am seriously considering taking up Valium addiction.

https://www.theguardian.com/business/20 ... risk-covid

This is devastating news. The upkeep of those types of superyachts Phillip Green has isn't cheap. You might think you just buy it and, like a car, the only other expense is fuel, but you'd be a fool if you think like that. They need staff like chefs, cleaners, waiters etc. Do you really expect Phillip Green to pour his own champagne?

And what about his image as the tax-dodging ugly face of capitalism? This is going to ruin his reputation. How can you keep up an image like that if you don't have any money to hide in some tax haven? I don't know how I'm going to sleep tonight worrying about the implications this is going to have for him.

I think that before his workers start complaining that they can't afford to buy their children even the most basic of Christmas presents, they're in danger of losing their homes because they can't afford their rent or have to make use of food banks, they really should spare a thought for the real victim in all of this.

Seriously though, I think one of the main factors in its collapse is its failure to keep up with modern times. None of his brands have prominent online stores or even a prominent online presence. People want bargains and they know that they find those online.

This is going to ruin his reputation.

The demise of the department store chain will hit many towns across the UK, as the shops are anchor tenants in numerous shopping centres and key attractions on high streets.

Debenhams will launch a massive stock clearance sale at 7am on Wednesday morning as non-essential shops in England are allowed to reopen for the first time in four weeks.

The sale will further ratchet up the pressure on rival retailers such as John Lewis and Marks & Spencer which will now be under pressure to match the fire-sale prices. The first Debenhams closures are expected in the new year, with all expected to close down by the end of March.

A supplier said the fate of the two firms was closely linked: “Losing Arcadia was a fatal blow to Debenhams and losing Debenhams was a fatal blow to Arcadia.” He said other brands which generate substantial sales from concessions in the department store would also be hard hit.

25,000 hospitality venues have closed permanently this year and 30,000 have yet to reopen

Have any members of SAGE been to a pub since July?

This unscientific, vindictive pubs policy will destroy businesses for absolutely no reason

The new tier system will close or severely incapacitate pubs in the 99% of the country that will be in Tiers 2 and 3. This amounts to carpet bombing the pub trade. Some 25,000 hospitality venues have closed permanently this year and 30,000 have yet to reopen. Although grants are available to businesses that are rendered temporarily unviable by the tier restrictions, these often fall short of what is needed to pay rent, debt, taxes and other costs.

Since the hospitality industry is Britain’s third biggest employer, with 3.2 million workers before the pandemic hit, you might expect the Government’s evidence to be strong. It is anything but. On Friday, the Government published a short policy paper titled ‘Transmission risk in the hospitality sector’ which ignores all the counter-measures introduced to make hospitality venues low-risk, and relies on a handful of studies cobbled together by SAGE which have no relevance to the British pub trade as it currently operates.