By Luke Andrews For Mailonline
Published: 12:53 BST, 5 April 2020 | Updated: 20:21 BST, 5 April 2020
Clothing giant Arcadia, which owns brands including Topshop and Dorothy Perkins, is preparing to close a huge number of its 550 stores as the coronavirus lockdown tears through the high street, it has been reported.
Arcadia, owned by Sir Philip Green who has an estimated personal fortune of £950million, has called in accountants from Deloitte as it is 'on its knees', according to the Sunday Times.
Department store giant Debenhams is also sliding towards possible collapse putting 22,000 jobs at risk, as COVID-19 keeps customers at home.
Arcadia, which owns brands including Topshop, is reportedly preparing to close a huge number of its 550 stores due to coronavirus (Pictured: Its store on Oxford Street, London)
Debenhams is also sliding towards possible collapse at it calls in accountancy firm KPMG, putting 22,000 jobs at risk
Arcadia is owned by Sir Philip Green, pictured above in 2014, who has an estimated personal fortune of £950million
Arcadia has already furloughed 14,500 out of its 16,500 members of staff, cancelled orders from suppliers and halted payments to landlords as it