Troubled retailer Arcadia collapsed with gross liabilities of more than £550m, according to documents prepared by Deloitte, Arcadia’s administrator.
Reports prepared at the end of November 2020 revealed Topshop – Arcadia’s flagship brand – and Topman failed with gross liabilities of more than £550m, the Telegraph revealed. Discount brand Outfit owed £80m.
The Telegraph reported Deloitte said it would update creditors, including landlords and suppliers, as it gathered further information, but warned the total amount was expected to be materially higher than its current calculations.
Creditors are reportedly £82.2m out of pocket so far, with at least 22 firms owed between £1m and £3m each.
Arcadia, which was owned by Sir Philip Green, collapsed at the beginning of December, putting some 13,000 jobs at risk and becoming the biggest retail casualty of the coronavirus crisis.
Online retailer Asos earlier this week confirmed it was in exclusive talks to buy Topshop, Topman, Miss Selfridge and Hiit brands.
Asos reportedly put in an offer of more than £250m to buy Topshop alone, Sky News reported.