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- Latest: Unions seek meetings to preserve jobs
- Full story: Arcadia Group collapses into administration
- Nils Pratley: Philip Green should do the honourable thing by Arcadia staff
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“Now that Arcadia is in administration, it is crucial that the voice of staff is heard over the future of the business and that is best done through their trade union.
“We are seeking urgent meetings and need assurances on what efforts are being made to save jobs, the plan for stores to continue trading and the funding of the pension scheme.
Out and about reporting for @BBCNewsbeat’s breakfast news in to Radio 1, 1X and Asian Network
Stood outside a Topshop, Evans and Wallace which are all next to each other on Oxford Street. Shows you the impact the collapse of Arcadia will have on the high street pic.twitter.com/hqJRTjXvES
“Staff just want to know if, and how, Green plans to fill the deficit in Arcadia’s pension schemes.
The main reason why a deficit in the pension fund has persisted over years is that the Greens extracted their famous £1.2bn dividend from Arcadia in 2005 which weakened its balance sheet and undermined its ability to make catch-up pension contributions in leaner trading years.”
Related: Tuesday briefing: Arcadia has fallen