Philip Green’s Arcadia Collapsed Owing $1.1 Billion to Creditors
- Pension deficit of 510 million pounds exceeds expectations
- Trade, other creditors seen getting a fraction of amounts owed
Philip Green
Photographer: Simon Dawson/Bloomberg
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Philip Green’s retail empire Arcadia Group collapsed owing about 800 million pounds ($1.1 billion) to creditors and with a bigger-than-expected pension deficit.
A statement of financial affairs prepared by Arcadia and sent to creditors details the exposures the company had just before the business failed in November. It lists the suppliers owed money and reveals a group pension deficit of 510 million pounds. Previous estimates among analysts had pegged the shortfall at about 350 million pounds.