Frasers offers emergency loan to Arcadia


LONDON: Mike Ashley’s Frasers Group confirmed it had offered £50mil (US$66.70mil) of emergency funding to Philip Green’s Arcadia fashion group, which is on the brink of falling into administration.

Frasers said it was awaiting a substantive response.

“Should the company and the Arcadia Group’s efforts to agree an emergency funding package fail and the Arcadia Group enter into administration, the company would be interested in participating in any sale process, ” Frasers said.

Arcadia owns the Topshop, Topman, Dorothy Perkins, Wallis, Miss Selfridge, Evans, Burton and Outfit brands, trading from over 500 stores and employing over 13,000.

Its trading has been hammered by the Covid-19 pandemic and Sky News reported on Friday that it could go into administration as soon as yesterday. — Reuters

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 18
Cxense type: free
User access status: 3
   

Did you find this article insightful?

Yes
No

Next In Business News

Daily oil palm activities in Sabah to continue amid SOPs - associations
SK Nexilis to build RM2.3bil copper foil facility in Kota Kinabalu�
Gabungan AQRS wins RM83.57mil job
BSL Corp slides over unsuccessful corporate exercise
RGT to speed up expansion as Q2 profit soars on strong export
Duopharma to supply 6.4 million doses of Sputnix V vaccine�
Pharmaniaga signs deal to supply 12 million doses of vaccine to MOH
Indonesia says new sovereign wealth fund attracts USD10b commitment
Disappointing close for Bursa, Public Bank retains part of gains
Jet engine maker Rolls-Royce cuts 2021 forecasts on travel slump

Stories You'll Enjoy


-->