The company behind Topshop and Dorothy Perkins is in talks to raise £30million from lenders.
The extra cash will help bolster Arcadia Group, owned by the family of Sir Philip Green, while stores are shuttered for a month due to Covid-19.
A string of other retailers have already sought to secure extra cash this year, including Asos, WHSmith and DFS.
Hit hard: The extra cash will help bolster Arcadia Group, owned by the family of Sir Philip Green, while stores are shuttered for a month due to Covid-19
The latest lockdown in England has ‘put a boot through four of the seven most profitable weeks of the year’, John Lewis Partnership operations director Andrew Murphy told The Mail on Sunday last week.
Sky News reported that Arcadia, which employs 15,000 people, is understood to be ‘close’ to securing the money.
Shops will not open until after the Black Friday weekend and so will miss out on one of the year’s biggest retail bonanzas.
Many chains have online operations that will recoup some revenue.
But most, notably clothing, will be hit hard and heavy discounting in early December is likely.
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This post first appeared on Dailymail.co.uk
