Arcadia Group, which owns TopShop, Burton and Dorothy Perkins, is allegedly set to appoint administrators from next week putting 15,000 jobs at risk.

However, spokesperson for the company stressed that stores would continue to open once lockdown restrictions lift next week and that bosses were working on "contingency options." 

The retail empire owned by controversial businessman Sir Phillip Green had been reported as preparing to appoint administrators from Deloitte, according to Sky News sources. 

Sky News reports the appointment of administrators could happen as early as Monday. 

It further confirms the impact the ongoing coronavirus pandemic is having on the retail sector with over 500 Arcadian Group stores currently shut under the current national lockdown restrictions, which will end on December 2.  

Having already announced 500 head office job cuts earlier this year, 15,000 jobs are said to be at risk. 

The clothing chain includes a TopShop branch in Truro, with Burton stores in Penzance, St Austell and Bodmin. The latter two towns also have branches of Dorothy Perkins. 

An Arcadia spokesperson 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.” 

Sir Phillip Green bought the company in 2002 for £850m and advised David Cameron on public sector waste while he was Prime Minister.  

In a desperate year for the UK retail sector Arcadia Group would be the biggest high street casualty of the pandemic.