Topshop owner Philip Green has become the latest billionaire tycoon to ask for a Government bailout after closing 550 stores in response to lockdown measures.
Green, who has a net worth of £1billion, has asked for his 14,500 employees to be paid by the Government via the Chancellor's Job Retention Scheme - which covers 80% of their wages.
The retailer said 14,500 of its 16,000 employees would be furloughed by the weekend, leaving a skeleton team in place. The Government’s job retention scheme pays 80% of an employee’s wage, capped at a maximum of £2,500 a month, using taxpayer money.
Arcadia will cover the remaining 20% until stores reopen their doors. Like other fashion retailers, Arcadia, which owns brands such as Topshop, Dorothy Perkins