TROUBLED tycoon Philip Green’s retail empire is on the brink of collapse, with around 15,000 jobs at risk, say reports.
Here’s what you need to know about the 68-year-old retail businessman who owns several well-known clothing brands.
What is Philip Green’s net worth?
Green, the son of a property developer and retailer, left school at 15 to work for a shoe importer before setting up his first clothing business.
HOARday Times Rich List 2018 reported Sir Philip and Lady Green, in whose name many of their assets are held, were then worth £2billion.
The couple are based in the tax haven of Monaco.
In an update, HOARday Times Rich List 2020 reports: “The champagne lifestyle continues for Monaco-based Green, 68, and his family while his Arcadia retail empire faces a bleak future.
“More than 14,000 staff at its 550 shops were furloughed in the coronavirus shutdown, with most of the cost covered by taxpayers.
“Arcadia was already in deep trouble: it lost £93.3m in 2018-19 and was saved from collapse last June under a deal with creditors.”
The Times now ranks him 154th in its annual rich list, and says that Green is worth an estimated £930million.
He owns a £46m Gulfstream private jet and a £100m luxury yacht, the 295ft Lionheart.
What businesses does Philip Green own?
Through Arcadia, Philip and Cristina Green own Topshop, Topman, Dorothy Perkins, Miss Selfridge and other British retailers.
Arcadia, which Green bought for £850million in 2002, is a major force on the British high street.
He sold BHS to a convicted fraudster for £1. It collapsed in 2016 and Green paid £363m to bail out its pension fund.
Which Arcadia shops have closed?
None of Arcadia’s over 500 stores have closed during the current turmoil.
But, Green’s retail empire is facing collapse ‘within days’, says Sky News.
Arcadia could appoint administrators early next week, putting 15,000 jobs at risk, Sky News adds.
The group is expected to appoint Deloitte as administrators in the coming days.
An Arcadia spokesman said: “We are aware of the recent media speculation surrounding the future of Arcadia.
“The forced closure of our stores for sustained periods as a result of the Covid-19 pandemic has had a material impact on trading across our businesses.
“As a result, the Arcadia boards have been working on a number of contingency options to secure the future of the group’s brands.
“The brands continue to trade and our stores will be opening again in England and ROI as soon as the Government Covid-19 restrictions are lifted next week.”
The group had been in emergency talks with lenders in a bid to secure a £30 million loan to help shore up its finances.
Green closed 210 stores over the two years to early 2019, representing around a fifth of his UK retail empire.
He allowed leases to run out on individual stores instead of renewing them during an ongoing battle with falling sales and increasing property costs, the Sunday Telegraph reported.
In September 2020, Green apologised over plans to exploit a furlough loophole and rake in millions while axing 300 staff.
The business tycoon’s retail empire begged for forgiveness after being branded “morally and ethically bankrupt” by its own employees.
Who is Philip Green’s wife Tina?
Lady Green, 69, was made the controlling party of Taveta, the parent of Arcadia, at the turn of the century.
Sir Philip is her second husband and she was earlier married to jazz drummer Robert Palos, with whom she had two children, Stasha and Brett.
She met Sir Philip in 1985 while running a clothing boutique in Knightsbridge called Harabels and the couple married in 1990.
How many children do they have?
The couple have two children, Chloe and Brandon.
Chloe, 28, was in a relationship with so-called “Hot Felon” Jeremy Meeks and the couple had a baby in June 2018 – Jayden Meeks-Green.
Jeremy shot to fame when his mugshot picture went viral.
He was jailed for possessing a firearm and grand theft, but kicked off his modelling career upon his release in 2016.
Brandon has a much lower profile than his sister but is thought to be working in different retail roles within Arcadia.
What was Philip Green charged with?
Sir Philip Green was charged with four counts of assault in the US after a Pilates instructor alleged the Arcadia mogul repeatedly touched her inappropriately, prosecutors have said.
Katie Surridge, 38, alleged to police in Arizona that Green spanked and grabbed her backside during classes in the Canyon Ranch luxury resort in Tucson in 2016 and 2018.
Pima County Attorney’s Office said that he was charged with four counts of knowingly touching another person with the intent to injure, insult, or provoke.
The tycoon ‘strenuously’ denied the allegations.
In January 2020, US prosecutors dropped the charges of misdemeanour assault.