Arcadia is reportedly racing to raise extra cash as the coronavirus crisis adds to its existing problems. A report has said that it’s seeking to borrow £50m against its distribution centre in Northamptonshire.
It's believed that Arcadia could need to close many more stores than it had planned to as the coronavirus crisis continues to crush UK fashion retail. Its 2019 CVAs included clauses allowing extra closures to happen.
The owner of the Topshop and Dorothy Perkins chains has furloughed the majority of its staff as, like the rest of the retail sector, it continues its fight for survival in the face of the coronavirus crisis.
The very public apology made by Frasers CEO Mike Ashley on Friday underlines the importance of good PR during the coronavirus crisis and an analyst has said that "exemplary ethics will pay off" once the outbreak is over.