Sir Philip Green’s Retail Empire Saved By A Vote—Latest Report

0

Philip Green thanked suppliers and landlords who had supported the deal, saving his empire.

He denied rumors that Topshop group was about to break in a defensive manner. It stated that they didn’t collapse since he won the votes. He defended infusing Arcadia with several million pounds trying to prevent it from crashing.

He stated that he didn’t want to put so many people on the streets without a job while he could have rescued the business. However, he did acknowledge that he was slow in reacting to changing retail landscapes. He said he should have seen this coming earlier. But he chooses not to dwell on the past.

Arcadia, which owns brands like Wallis, Topman and Dorothy Perkins has suffered in the past few years. Its head Green has received special attention for his flamboyant lifestyle prone to controversy.

However, he stated that suppliers still trusted him as they didn’t stop delivering stock even when sales were plummeting. He stated that the media’s attention had made the public jealous of him. They no longer like rich and influential people. Sir Green put £363 million into BHS pension schemes when it collapsed. Despite having suffered along with his business in the past few years when asked if he was considering quitting everything, he stated that it wasn’t his style.

Sir Green’s empire has begun shrinking. Out of his 566 stores, over 50 are set to shut shop and many more are coming. However, for the most part, it is going strong which is great for his workers. However, many disagree over whether Philip is capable of heading the business going ahead. He rarely comes to UK but still has major control powers. He is confident of his abilities though. He stated that it was only the last 2 years that the company had been in trouble in what was otherwise a profitable period for the company. He also stated that he won all 7 CVAs. This was positive news for a business that trades in over 30 countries.

Leave A Reply

Your email address will not be published.