British retail empire Arcadia Group was forced into a type of bankruptcy protection on November 30, 2020. For 18 years, billionaire Philip Green ran Arcadia, which owns brands such as Topshop, Miss Selfridge, Burton, and more.
Arcadia entered administration to seek protection from its creditors, which is roughly similar to a Chapter 11 bankruptcy filing in the U.S. Deloitte was appointed as the administrator to oversee the process.
Arcadia has 444 stores in the U.K. and 22 overseas. The company employs over 13,000 people, 9,000 of whom were already furloughed. However, the company plans to keep stores and workshops open until further notice.
“This is an incredibly sad day for all of our colleagues as well as our suppliers and our many other stakeholders,” said Ian Grabiner, CEO o…