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World Some 25,000 UK retail jobs at risk from Debenhams, Arcadia woes

19:40  01 december  2020
19:40  01 december  2020 Source:   aljazeera.com

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Sir Philip Green's retail empire Arcadia collapses into administration. JD Sports could back out of rescue for Debenhams . FTSE 100 ended its best month in over 30 years yesterday. US markets fell amid broader market declines. Russell Lynch: Hopes of a 'Roaring Twenties ' are wide of the mark.

Arcadia employs 13,000 people across the UK at its 450 stores. The demise of the two large retailers is threatening to wipe out some 25 , 000 jobs at a time when the UK labor market and the entire economy are still reeling from the aftermath of the coronavirus pandemic.

The future of about 25,000 retailing jobs in the United Kingdom hangs in the balance after the failure of two long-established companies laid bare the fragility of much of the sector during the coronavirus pandemic.

a person walking down the street in front of a store: In another dark day for the British retailing industry, Debenhams said Tuesday it will start liquidating its business after a potential buyer of the company pulled out [Matt Dunham/AP] © In another dark day for the British retailing industry, Debenhams said Tuesday it will start liquida... In another dark day for the British retailing industry, Debenhams said Tuesday it will start liquidating its business after a potential buyer of the company pulled out [Matt Dunham/AP]

Long-suffering Debenhams, the 242-year-old department store chain, on Tuesday said administrators had decided to start winding down operations after a potential buyer of the company pulled out. The move will potentially lead to 12,000 job losses if no buyer is found, as seems likely.

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Retail redundancies. Debenhams could remain in administration for the rest of this year, as lenders wait to see how it performs post-lockdown and in the Here, courtesy of the Press Association news agency, is a list of some major employers that have announced that jobs will go, or are at risk , since

The 12, 000 jobs at the retailer are set to go over the coming months unless the administrators do a Debenhams ' news comes just hours after Topshop owner Arcadia collapsed into administration Richard Lim, chief executive of Retail Economics, said: "We can not overstate the significance of this

It was another devastating blow to the sector, coming just hours after Arcadia Group, the retail empire of billionaire Philip Green, went into administration, a type of bankruptcy protection, late on Monday.

Both companies are set to reopen their doors in England on Wednesday when they emerge from a near month-long lockdown that forced the closure of shops selling items deemed to be non-essential, including clothes. Since the pandemic took root in March, the United Kingdom has forced the closure of retailing outlets in various ways.

For Debenhams, the reopening of its 124 UK stores is not expected to last long even though the administrators said they will continue to seek offers “for all or parts of the business” while they start selling off stock and liquidating the business.

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25 , 000 jobs now at risk on the high street as Arcadia and Debenhams reach the end of the line. Introduction: Arcadia collapse puts 13,000 jobs at risk . Arcadia ’s collapse could also have a very damaging impact on the wider UK retail space, with analysts estimating it could owe its suppliers up

25 , 000 jobs now at risk on the high street as Arcadia and Debenhams reach the end of the line. Arcadia ’s collapse could also have a very damaging impact on the wider UK retail space, with analysts estimating it could owe its suppliers up to £250m.

Arcadia’s stable of brands, which includes the likes of Burton, Miss Selfridge and Topshop, could still have a future and administrators are seeking buyers for all or parts of the company.

Retail experts said the pandemic and the associated restrictions only tell part of the problems that the companies have encountered. Both have struggled to respond to the increased competition from low-cost rivals like Primark, as well as from online disruptors such as ASOS and Boohoo.

It looks like a sad end for Debenhams, which can trace its history back to 1778 when William Clark set up a store in London’s West End selling fabrics, bonnets, gloves and parasols. In 1813 William Debenham invested in the firm, which became Clark & Debenham. By 1950, the renamed Debenhams was one of the largest department store groups in the UK.

Retail chain JD Sports had been mulling an offer for Debenhams but pulled out after Arcadia said it was going into administration. Arcadia is the biggest operator of concessions in Debenhams department stores, so its potential collapse affected Debenhams’s appeal.

Arcadia, the owner of British brands Topshop and Miss Selfridge, is on the brink of collapse, risking 13,000 jobs

  Arcadia, the owner of British brands Topshop and Miss Selfridge, is on the brink of collapse, risking 13,000 jobs The Arcadia Group, which owns British brands including Topshop, Miss Selfridge, and Dorothy Perkins, could appoint administrators early next week, sources told Sky News. The collapse of the group would put 13,000 jobs at risk. Arcadia's brands have been hit by two national lockdowns, which forced non-essential businesses, including clothing stores, to shut. In a statement to Sky News, Arcadia confirmed its boards "have been working on a number of contingency options to secure the future of the group's brands." Visit Business Insider's homepage for more stories.

Debenhams Plc said it’s preparing to close its doors for good after failing to find a buyer, in another severe blow for British retail just a day after Philip Green’s Arcadia Group began JD Sports’ decision came after Arcadia , the biggest concession partner of Debenhams , filed for administration Monday.

“Given that Arcadia is the biggest concession retailer inside Debenhams , the uncertainty of the change of ownership of the Arcadia brands may Analysts said rival department store John Lewis may also look to buy some of Debenhams ’ property portfolio. However, a sale of the business on a

Debenhams, which went into administration in April, has already axed 6,500 jobs. It said it will continue to trade both in-shop and online to clear its current and contracted stocks.

“On conclusion of this process, if no alternative offers have been received, the UK operations will close,” the company said in a statement.

Geoff Rowley of FRP Advisory, which is a joint administrator for Debenhams, said: “The economic landscape is extremely challenging and, coupled with the uncertainty facing the UK retail industry, a viable deal could not be reached.”

About 12 hours earlier, Arcadia called in administrators from Deloitte. It said the forced closure of its stores over long periods this year had “severely impacted” on trading.

As well as suffering from the pandemic, critics have said the 68-year-old Green, who has been embroiled in a series of controversies over the past few years, has not invested enough in the businesses to get them in shape to deal with new, nimbler online competitors.

“Arcadia has suffered against these emerging players because the company was slow to develop an innovative and user-friendly online offering as well as a strong brand narrative and social media presence,” said Nina Marston, fashion and luxury analyst at Euromonitor International.

Unlike Debenhams, there are hopes something can be salvaged from Arcadia and Deloitte’s Matt Smith said he expects “to identify one or more buyers to ensure the future success of the businesses”.

Arcadia, like Debenhams, has a long history, tracing its roots back to the early 1900s, when 18-year-old Lithuanian émigré, Montague Burton, arrived in Britain. Brands were added to the Burton menswear business before the umbrella company Arcadia was formed in 1997. Green took the company over in 2002 and in the first few years, his stewardship won him admirers, helping his brands to link up with the likes of supermodel Kate Moss and singer Beyonce.

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