Coronavirus: Billionaire Philip Green asks for taxpayer cash to save Topshop empire
Reading now: 713
mirror.co.ukTopshop owner Philip Green has become the latest billionaire tycoon to ask for a Government bailout after closing 550 stores in response to lockdown measures.
Green, who has a net worth of £1billion, has asked for his 14,500 employees to be paid by the Government via the Chancellor's Job Retention Scheme - which covers 80% of their wages.
The retailer said 14,500 of its 16,000 employees would be furloughed by the weekend, leaving a skeleton team in place. The Government’s job retention scheme pays 80% of an employee’s wage, capped at a maximum of £2,500 a month, using taxpayer money.
Arcadia will cover the remaining 20% until stores reopen their doors. Like other fashion retailers, Arcadia, which owns brands such as Topshop, Dorothy Perkins
Read more on mirror.co.uk
The website celebsbar.com is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.
