RETAIL giant Arcadia Group which owns a number of fashion stores across Limerick has formally entered administration.
Confirmed this evening, the move puts up to 30 jobs in Limerick at risk.
Locally, the shops it operates here at the Limerick One Retail Park in the Childers Road will resume trading tomorrow morning in line with the move from level 5 to level 3 of the Covid-19 measures.
These are women’s clothing stores Wallis, Dorothy Perkins and Evans, plus menswear retailer Burton.
It’s understood around 30 staff work here, with a further three at a Dorothy Perkins concession in Shaw’s at the Crescent Shopping Centre. Arcadia is controlled by retail magnate Philip Green.
In a statement, the chief executive of Arcadia Ian Grabiner said the group will work with the administrators to "deliver the best possible outcome for all our stakeholders, in particular our hard-working employees.”
Mr Grabiner said the measure has become necessary due to the forced closure of the firm’s fashion chain stores as a consequence of the Covid-19 lockdown.
Matt Smith, the joint administrator at Deloitte, said: “Arcadia sits at the heart of the High Street, and has been striving to combat the impact of Covid-19 throughout this year. Now the effect of the lockdowns, combined with broader challenges facing bricks and mortar retailers, have resulted in a critical funding requirement for the Group and today’s administration.”
“It is our intention to continue to trade all of the brands, and we look forward to welcoming customers back into stores when many of them are allowed to reopen,” he said, “We will be rapidly seeking expressions of interest and expect to identify one or more buyers to ensure the future success of the businesses. As Administrators we’d like to thank all of the Group’s employees, customers and business partners for their support, at what we appreciate is a difficult time.”