Philip Green's retail empire is preparing to appoint administrators as early as next week, putting thousands of jobs at risk, Sky News reported on Friday.

The Arcadia Group, behind renowned shop chains such as Topshop and Burton, is facing a collapse in a few days and is preparing to appoint Deloitte directors

The collapse became "inevitable" after negotiations with several lenders on a £30 million emergency loan ended without success

Arcadia said today: "We are aware of recent media speculation about Arcadia's future. The forced closure of our shops for extended periods as a result of the Covid-19 pandemic has had a material impact on the trade of our business. As a result, Arcadia boards have been working on a number of contingency options to ensure the future of the group's brands. ”