27 Nov, 2020 @ 14:15
1 min read

Gibraltar retail workers remain optimistic despite news that fashion giant Arcadia is on brink of collapse

Arcadia Redundancy Payments
File photo dated 17/09/17 of Retail tycoon Sir Philip Green whose Arcadia fashion group has performed a U-turn and agreed to pay full salaries for head office staff facing redundancy. It comes after reports that Arcadia Group - whose high street brands include Topman, Topshop and Dorothy Perkins - was only going to pay some of its staff as little as 50% of their notice pay.

SIR Philip Green’s retail empire Arcadia is at risk of financial collapse, with 13,000 jobs now in jeopardy.

The retail giant, which owns Topshop and Dorothy Perkins, has recently been in talks with lenders to borrow €33.5 million.

“I don’t care,” an employee at Dorothy Perkins Gibraltar told the Olive Press.

“They send us clothes to sell but we’re part of a different company so it shouldn’t affect us.”

But with €33.5 million worth of loans, financial experts have doubted that Arcadia will survive the coronavirus pandemic.

“Obviously, if the whole company closes that will be a different thing,” the employee said.

“Right now, they haven’t told us anything so we have no idea what’s going on or what will happen next,” she continued.

Amid mounting speculation, Arcadia have said: “The forced closure of our stores for sustained periods as a result of the Covid-19 pandemic has had a material impact on trading across our businesses.

“As a result, the Arcadia boards have been working on a number of contingency options to secure the future of the group’s brands. The brands continue to trade and our stores will be opening again in England and the Republic of Ireland as soon as the government Covid-19 restrictions are lifted next week.”

However, no further clarity has been given for concession stores on The Rock.

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