Questions over the future of Sir Philip's retail empire were raised on Friday, after it emerged talks he had been holding with potential lenders for a £30m loan had failed.
The chair of the Work and Pensions Committee Stephen Timms called on the Green family to plug the gap on Sunday. But Mr Ralfe said even if the retail magnate did not do that - or if he writes a cheque that is substantially less than £350m - Arcadia workers should still receive the majority of their pension entitlement through the Pension Protection Fund.
For gods sake will someone pull that rug ! Feet dragging . Before someone removes the stock, fixtures, boats , hotels and fittings to a tax haven ? SkyNews
Terribly sad news for the staff. Mr Green should have put his hand in his own pocket. This looks like BHS all over again. Hope any staff pension funds are looking healthy this time.
Not only will thousands that work for Arcadia lose their jobs, but many many of his suppliers, and their suppliers, will also go bust because of this and they will also lose their jobs. Only people in the industry fully understand the domino effect this disaster will have.
Apparently their pension fund has a £50m shortfall too. Ring any bells? Absolutely outrageous that he can get away with it.
PM should 'meet the people whose lives he's destroying' via YouTube
This is awful news for employees. Feel very sad for all those employed by ArcadiaGroup
Plopshop.
Oh can you tell Mr Green I’ll buy it for a pound then pay myself £1 million on the board then let it go into liquidation
SO sad 4 workers BUT can we hv honest reporting - they been in trouble for years so dont dress this up as covid victims.
CassieGilmour88
I worked for Arcadia for 25 years, and was made redundant with not a second thought. Mr G and his wife are worth £900 MILLION with most of that money coming from a tax free lump sum he gave to his wife from the company. Hard life isn’t it?🙄
I present the FRUIT of YOUR Lockdowns - 15000 jobs gone! ~ The COVID austerity death spiral. ~ Increasing Unemployment, Bankruptcy, repossession, eviction & homelessness, Govmnt Expense. Tax streams dry up, services get cut & pay capped. For a virus that has a 99% recovery rate
Topshite
phillipgreen is greek what do you expect? lbc darrenadam
I feel bad for his staff but that guy is a greedy creep
Good
Will the Government of Jersey or the Government of Monaco be bailing them out?
Did they test it for Covid? Maybe it's Covid.
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