Philip Green’s Retail Empire Arcadia Files for Insolvency (2)

Philip Green’s Arcadia Group has filed for insolvency as the U.K. retailer buckles under pressure from the coronavirus pandemic, putting at risk 13,000 jobs.

The company confirmed in a statement that it had appointed Deloitte as administrator in the proceedings, a move that will allow the owner of brands including Topshop and Dorothy Perkins to seek protection from creditors.

Arcadia intends to keep its stores open and existing management will stay in place under the supervision of Deloitte, using what is known in the U.K. as a trading administration while it assesses all options for the business.

Chief Executive ...