Sir Philip Green ASSOCIATED PRESSArcadia, the retail empire owned by Sir Philip Green and family, has become one of the biggest business casualties of the Covid-19 pandemic to date. On Monday the business filed for bankruptcy in London, following a weekend of speculation that Green’s companies were on the brink of collapse. Sir Philip Green and Beyonce John Palmer/MediaPunch/MediaPunch/IPxLife Under LockdownThere was no 11th hour deal this time for Green, whose retail empire has limped through the pandemic as more nimble, online brands like Asos and Boohoo have won over Topshop’s once loyal army of young shoppers. Fellow retail billionaire Mike Ashley reportedly offered Arcadia $66 million in emergency funding on Sunday. The slow decline of Arcadia, which started long before the pandemic, will not have an immediate effect on Green’s net worth.

Source: Forbes November 30, 2020 22:20 UTC