Two pieces of good news for Monday. Consumers are now the most eager they’ve been to spend in 13 years, and consumer confidence is at its strongest since the end of 2019. That’s according to PwC and Deloitte surveys.
Taxpayers will take a major hit following the demise of the Arcadia Group, the UK fashion group that fell into administration last year. And just £30 million will be shared by heavily-out-of-pocket unsecured creditors.
Stefano Della Valle, COO of CGE, has been appointed CEO of the Central Group’s subsidiary that runs its European department stores (Rinascente, The Kadewe Group, Magazine Zum Globus and Illum) and its property portfolio.
The size of debt that forced Arcadia into administration was revealed Wednesday: £750 million. However, the group’s administrator Deloitte warned the final figure was expected to be "materially higher”.
There's a new frontrunner in the race to buy Topshop, Topman and Miss Selfridge with Asos being suggested as the lead contender on Saturday evening, which could mean the chances of saving any stores are slim.