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Arcadia Group collapses into administration, more than 12,000 jobs may be lost

Christian Fernsby |
Sir Philip Green’s Arcadia Group called in the administrators last night, more than 12,000 jobs may be lost.

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Arcadia has appointed administrators from accountant Deloitte, who said they would now seek buyers for the business.

The group, which owns the TopShop, TopMan, Miss Selfridge, Dorothy Perkins, Burton, Evans and Wallis chains, will continue to trade from most of its sites.

Arcadia, which has an estimated £350mln pension black hole that Green is under pressure to plug, failed in talks last week with lenders over a £30mln loan, though has since turned down a £50mln emergency loan offered by Mike Ashley's Frasers Group.

Frasers said it would be interested in buying some of Arcadia's assets.

There is also a link to Debenhams, the department store group that is in its second administration and where Arcadia’s stable of brands is the biggest concession holder, accounting for around 5% of annual revenues.

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