Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Arcadia, the British fashion retail group, has announced that 31 of its stores across the UK will close permanently by the end of January, making 714 jobs redundant. The stores, which include all 21 stores of the group's Outfit chain, are currently temporarily closed because of the COVID-19 restrictions.
The Arcadia group, which owns fashion retail chains such as Topshop, Miss Selfridge, Wallis, Burton and Dorothy Perkins, and has over 400 stores, fell into administration in November 2020, putting 13,000 jobs at risk of redundancy. The administrators are currently seeking buyers for parts or all of the group.
Updated, 8/2/2021: Asos, the British online retailer, has acquired the Topshop, Topman, Miss Selfridge and HIIT brands from the Arcadia Group without acquiring the physical stores. It is expected that 70 stores will close permanently with the loss of 2,500 store-based jobs. About 300 head office jobs in the business areas of design, buying and retail partnership will be saved. A representative of the trade union Usdaw said that both Arcadia and the administrators had 'refused to engage' in negotiations with the union.
Updated, 9/2/2021: The administrators of the Arcadia Group have announced that the online retailer Boohoo had acquired the Burton, Dorothy Perkins and Wallis brands without acquiring the physical stores. It is confirmed that all 214 stores of the three chains will close permanently with the loss of 2,450 jobs, while 260 jobs will be transferred to Boohoo.
Eurofound (2021), Arcadia Group, Bankruptcy in United Kingdom, factsheet number 103503, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/103503.