Sir Philip Green's TopShop empire, the Arcadia Group, is about to collapse within a few days, putting 15,000 jobs at risk
- The Arcadia Group is expected to appoint Deloitte administrators next week.
- Insider said autumn was inevitable after Sir Philip failed to secure his £ 30 million loan.
- More than 15,000 people work for the retail group, which includes Burton
Sir Philip Green's Arcadia Group empire, which includes high street labels like Topshop, Burton and Dorothy Perkins, could collapse in a matter of days, putting 15,000 jobs at risk.
In what may be the largest collapse of the coronavirus pandemic in the UK, the group will be appointing Deloitte administrators as early as Monday next week, although plans could still be delayed.
The move, believed to be due to Sir Philip failing to obtain a £ 30 million emergency loan to keep the retail giant alive, puts its 15,000 employees at risk after cutting 500 jobs at its headquarters in July.
The businessman, who bought the London-based High Street Group in 2002 for £ 850 million, had sought help from lenders after lockdown restrictions weighed on sales and disrupted crucial trading until Christmas.
Creditors are expected to have a rush to secure the company's assets when the Arcadia Group's bankruptcy is officially declared. The company did not deny the reports in Sky News when it was contacted by MailOnline today.
Sir Philip Green, pictured in Monaco on Tuesday, allegedly failed to obtain an emergency loan of £ 30 million
The company said it was working on "emergency options" to secure the group's future and it expects its stores to reopen next week when the UK government's last four-week lockdown on England ends.
A spokesman also admitted that "the forced closure of our stores for an extended period of time as a result of the Covid-19 pandemic had a significant impact on trade in our businesses".
The statement added, "The brands will continue to trade and our stores will reopen in England and on ROI once the state COVID-19 restrictions are lifted next week."
Arcadia owns the Topshop, Topman, Dorothy Perkins, Wallis, Miss Selfridge, Evans and Burton brands, which are sold in over 500 stores across the country.
The Topshop store on Oxford Street in London's West End is closed on Black Friday this morning
Online retailer Boohoo is one of a number of companies that are expected to acquire Topshop if it appoints administrators next week, as reported.
Other brands like Cath Kidston, Oasis and Warehouse could be saved by investors or become pure online fashion labels. It is understood that Sir Philip is unlikely to attempt to buy back merchants from Arcadia.
Earlier this month it was reported that Arcadia was making plans to manage it, but a retail group spokesman denied it was.
He added the company had "taken all appropriate steps" to protect itself from the effects of the pandemic.
Pictured: Sir Philip's £ 100million superyacht Lionheart, which was discovered docked in Monaco on Monday
Arcadia Group is the latest retailer to be affected by store closings amid the coronavirus. Competitors like Debenhams and Edinburgh Woolen Mill Group have gone into bankruptcy since the March pandemic.
Even before the pandemic, brick-and-mortar clothing retailers in Great Britain faced a major structural challenge, as the profitability of operating shops with traditional rental agreements was becoming increasingly difficult.
Peacocks and Jaeger fell into management last week after Oasis, Warehouse and Laura Ashley took over management earlier this year.
The group has more than 500 retail stores across the UK, most of which are currently closed due to England's second national lockdown ending next week.