What: a retail group shutting in UK.

Why it is important: retailers have been hit hard by the pandemic, forced to close their doors for months, and Arcadia is one of the latest victims of the crisis that will be filling for administration

Arcadia Group, owner of eight retail brands (including Topshop), has filed for bankruptcy, putting about 13,000 jobs at risk. The group was struggling even before the pandemic hit, and avoided bankruptcy in June 2019 after it managed to renegotiate debt repayments and restructure the business. The collapse will tarnish even more the reputation of its owner Philipp Green, who has been surrounded by controversies these last few years -since the debacle around department store BHS.4

Frasers Group, led by Mike Ashley, offered a GBP 50 million "lifeline loan" that that Arcadia had declined.

Sir Philip Green’s Arcadia Group Files for Bankruptcy

Related item:

• The rise and fall of Topshop: what went wrong