Arcadia declines emergency loan offer from Frasers Group
The owner of several high street retailers, Arcadia, have declined a 50 million British pounds (55.8 million euros) emergency loan offer from Mike Ashley’s Frasers Group, the retail group formally known as Sports Direct
The Frasers Group has confirmed early today (30th of November) that it had offered Arcadia up to 50 million British pounds of emergency funding and were also looking to take part in any sale process – should Arcadia fall into administration.
However, in a brief statement given by Frasers to the City it is confirmed that the proposal was declined by Arcadia: “Frasers Group can confirm that Arcadia Group Limited have declined Frasers Group’s offer of a lifeline loan of up to 50 million British pounds. Frasers Group were not given any reasons for the rejection, nor did Frasers Group have any engagement from Arcadia before the loan was declined.”
A recent post from the Money Advice Service on Twitter advises customers to take back any unwanted good, or returns, as soon as possible, and avoid buying gift cards, just in case and to spend gift vouchers as soon as possible.
Arcadia owns several high street clothing retailers, such as Burton, Dorothy Perkins, Evans, Miss Selfridge, Topman, Topshop and Wallis.
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