Shall we assume an end of an era for British business tycoon Sir Philip Green this week? Having reigned on major high streets across the United Kingdom for about 20 years, Mr. Green’s fashion retail business is reportedly set to enter administration this week. In other words, he may have to file for insolvency.
After mulling over contingency options for months and failing to avail an emergency loan of 30 million pounds to save the company, Mr. Green is expected to appoint administrators from Deloitte, reportedly as early as on Monday. The 68-year-old British businessman has been trying to save the Arcadia group from fall from grace for a while now. In its financial report for the year ending September 1, 2018, the Arcadia group recorded 93.4 million pounds in the pre-tax loss. Its sales for the year had also declined massively to 1.8 billion pounds.