Arcadia Group, which owns TopShop, Burton and Dorothy Perkins, is set to appoint administrators from next week putting 15,000 jobs at risk.
The retail empire owned by controversial businessman Sir Phillip Green is preparing to appoint administrators from Deloitte, according to Sky News sources.
Sky News reports the appointment of administrators could happen as early as Monday.
It further confirms the impact the ongoing coronavirus pandemic is having on the retail sector with over 500 Arcadian Group stores currently shut under the current national lockdown restrictions, which will end on December 2.
Having already announced 500 head office job cuts earlier this year, 15,000 jobs are said to be at risk.
Sir Phillip Green bought the company in 2002 for £850m and advised David Cameron on public sector waste while he was Prime Minister.
In a desperate year for the UK retail sector Arcadia Group would be the biggest high street casualty of the pandemic.
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