UK retail empire of billionaire Philip Green teeters on edge

LONDON — The retail empire of tycoon Philip Green, which owns well-known British fashion chains like Topshop, appears to be on the brink of collapse following the economic shock of the coronavirus pandemic. In another blow to the British retailing industry in the run-up to the crucial Christmas trading period, Arcadia Group said Friday it is working on “contingency options to secure the future of the group’s brands.” Like other high street names, Arcadia’s brands - which employ around 15,000 people and include Burton, Miss Selfridge and Dorothy Perkins - have suffered during the pandemic and the associated restrictions across the U.K. Competition has increased from low-cost rivals like Primark, as well as from online disruptors such as ASOS and Boohoo. It said the “forced closure of our stores for sustained periods as a result of the COVID-19 pandemic has had a material impact on trading across our businesses.” However, it stressed that its brands “continue to trade” and that its stores will be opening again in England as soon as coronavirus restrictions are lifted next week. It is the latest retailer to have been hammered by the closure of stores during the pandemic, with rivals in Britain including Debenhams, Edinburgh Woollen Mill Group and Oasis Warehouse all sliding into insolvency.