Sir Philip Green has denied reports that Arcadia Group is up for sale and said the 22,000 people who work there should not be subjected to “malicious rumour-mongering”.
The retail billionaire, who is fighting to restore his reputation after the collapse of BHS, the department store he used to run, claimed that there was no truth in media reports that Arcadia could be sold to Shandong Ruyi, a Chinese textiles giant.
Sir Philip said that neither he “nor any of the directors of Arcadia have ever met or had any contact with Shandong Ruyi and they have never been to the Arcadia offices as was suggested to look at the company’s books”, adding: “We have the greatest respect for them [Shandong Ruyi] as an organisation, but have had no dealings or contact with them.
“There are further statements in the article that discussions have taken place with HSBC. These are also totally untrue.”
The FT provides an analysis of Sir Philip’s high street empire which it says is “burdened with costly pension promises and struggling to adapt to a retail revolution that has seen its sales eclipsed by online stores and discount chains”.
Click here for the full Times article (£)
