Challenge: Topshop is one of the brands run by the Arcadia group. Administration is a UK legal process to protect companies facing insolvency long enough to organise rescue plans, similar to examinership in Ireland. Arcadia, which runs brands including Topshop, Topman, Dorothy Perkins and Burton, employs about 15,000. A Sky News report on Saturday said the group had approached several potential lenders about borrowing about £30m (€33m) to prop up the business. Last year Arcadia avoided collapse into administration when creditors approved Green’s restructuring plan, which closed stores, cut rents and made changes to the funding of the group’s pension schemes.

Source: Irish Independent November 16, 2020 02:41 UTC