Sir Philip Green's Topshop goes into administration

Arcadia, the UK based retail empire owned by Sir Philip Green and family, has become a casualty of the Covid-19 pandemic.

The business filed for bankruptcy in London.

Accounting firm Deloitte is handling administration.

Arcadia brands include Topshop/Topman, the best performer of the group, along with Miss Selfridge, Burton, Dorothy Perkins, Evans and Wallis.

Forbes has reported Arcadia's decline started long before the pandemic, and that it will not have an immediate effect on Green’s net worth. 

Forbes estimates he and his wife Christina Green to be worth $2.3 billion.

He was knighted by Prime Minister Tony Blair in 2006 for “services to retail.”

The British fashion chain Topshop Topman closed its last Australian store in mid-March, prior to lockdowns, nine years after its successful launch.

The Australian stores were described at the time as the brand’s “most successful franchise opening ever”.