The insolvency of tycoon Philip Green’s Arcadia fashion group marks a dismal end to a remarkable career in the retail sector.
Arcadia owns the Topshop, Topman, Dorothy Perkins, Wallis, Miss Selfridge, Evans, Burton and Outfit brands, trading from 444 leased stores in UK and 22 overseas. It employs about 13,000.
Here is a timeline of Green’s ownership of Arcadia:
Green buys Arcadia for 850 million pounds, adding it to the BHS department store chain he paid 200 million pounds for in 2000.
In a bitter battle, Green tries and fails for a second time to buy Marks & Spencer.
Arcadia takes on more debt and pays Green’s wife Tina, the group’s ultimate owner, a 1.2 billion pound dividend – one of the biggest payments in British corporate history.
Monaco-based Green is knighted by the Queen for services to the retail industry.
Topshop enters the United States with a first store in New York.
Arcadia reports a pretax profit of 214 million pounds for the 2008-9 year.
Prime Minister David Cameron commissions Green to report on cost savings in government.
Green sells a 25% stake in Topshop and Topman to U.S. private equity firm Leonard Green & Partners for 350 million pounds.
BHS is sold by Green to a collection of little-known investors for a nominal sum of one pound.
BHS (no longer under Green’s ownership) collapses into administration with a 571 million pounds hole in its pension fund. Some 11,000 jobs are lost.
A report by British lawmakers says Green’s greed and disregard for corporate governance led to the demise of BHS. He is labelled “the unacceptable face of capitalism” and there are calls for him to be stripped of his knighthood. Green said the report was “the predetermined and inaccurate output of a biased and unfair process.”
Green agrees to pay 363 million pounds to the pension schemes of BHS.
Green is named in Britain’s parliament as having taken legal action to try to prevent publication of allegations of sexual harassment and racist behaviour. He denies the allegations.
Green relinquishes his stake in a gymwear venture he founded with U.S. pop icon Beyoncé. The singer acquired 100% of the Ivy Park fitness clothing brand she had launched in 2016 with Green. Financial terms were not disclosed.
Arcadia staves off administration as creditors narrowly approve Green’s sweetened restructuring plan.
The restructuring closes stores, cuts rents and makes changes to the funding of the group’s pension schemes.
Arcadia reports an after-tax loss of 169 million pounds for the 2017-18 year.
Arcadia enters administration.