Suffolk Arcadia stores won’t close immediately, town leader believes
Philip Green's Arcadia group is on the brink of collapse, putting shops like Burton and Dorothy Perkins in Felixstowe at risk. Picture CHARLOTTE BOND - Credit: Charlotte Bond
Arcadia stores in Suffolk such as Topshop and Dorothy Perkins will remain open for the immediate future, a town leader believes - despite talks to save the group reportedly falling through.
Debenhams in Ipswich has Arcadia outlets in store. Picture CHARLOTTE BOND - Credit: Charlotte Bond
On Friday, the retail group - which also includes the Burton and Miss Selfridge brands - was revealed to be on the brink of collapse, putting around 15,000 jobs at risk.
Senior sources at the company told the BBC they do not expect a last-minute rescue deal, meaning the company is expected to enter administration imminently.
MORE: Arcadia group administration would be ‘devastating’ blow to high streets
Despite this, Mark Cordell - chief executive of Our Bury St Edmunds business improvement district - said he expects the town’s Topshop store to remain open.
Topshop and Topman are based at the Sailmakers Shopping Centre, in Ipswich. Picture CHARLOTTE BOND - Credit: Charlotte Bond
“They won’t make any closure announcements yet,” he said.
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“It will go the administrators and then they’ll look for potential purchasers.
“Unless it’s completely different to normal, it will drag on for two or three weeks while someone new comes along and basically picks at the carcass of the business.”
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Mr Cordell is hopeful the Topman and Topshop store in the Arc shopping centre may be bought, as it is one of the chain’s more profitable stores.
Bury BID chief executive Mark Cordell in the Arc shopping centre Picture: OUR BURY ST EDMUNDS - Credit: Archant
Arcadia had been in emergency talks with lenders in a bid to secure a £30million loan to help shore up its finances.
Earlier this year, Arcadia revealed plans to cut around 500 of its 2,500 head office jobs, amid a restructure in the face of the coronavirus crisis.
MORE: Topshop reportedly set to collapse in days - with 15,000 jobs at risk
Now, MPs have called on the firm’s boss, Philip Green, to stump up funds to fill a shortfall in the pensions pot.
The shortfall is estimated to be £350million, raising concerns that some workers could miss out.
Stephen Timms, chairman of the House of Commons’ Work and Pensions Committee, said: “There is unquestionably a moral case for the Green family to do the right thing and guarantee Arcadia’s hard-working staff what is rightfully theirs, whatever happens this Christmas.
“But the pensions regulator must also ensure that it is doing everything in its power to fight the corner of the pension scheme members.
“This is a crucial moment for the regulator to show that it has learned the lessons of previous corporate collapses, such as those of BHS and British Steel.”
The Arcadia group is expected to appoint administrators from Deloitte within coming days.
What outlets does Arcadia have in the region?
Burton
n Haverhill
n Felixstowe
Dorothy Perkins
n Felixstowe
n Bury St Edmunds (Debenhams)
n Ipswich (Debenhams)
n Haverhill
n Beccles (Beales)
Miss Selfridge
n Ipswich (Debenhams)
n Bury St Edmunds (Debenhams)
n Colchester (Debenhams)
Topman & Topshop
n Ipswich
n Bury St Edmunds
n Colchester
Wallis
n Ipswich (Debenhams)
n Bury St Edmunds (Debenhams)
