LONDON – Sir Philip Green, the billionaire owner of the Arcadia Group, has agreed to pay £50 million (US$67m) of his own wealth into the fashion conglomerate’s pension pot following concern that staff will miss out as the company enters administration.
Earlier this week, MPs urged Green to intervene, with the fate of his retail empire hanging in the balance. Stephen Timms, head of the British government's Work and Pensions Committee, said: “There is unquestionably a moral case for the Green family to do the right thing and guarantee Arcadia’s hardworking staff what is rightfully theirs, whatever happens this Christmas.”
Though the group’s pension scheme remains in a £350 million (US$470m) deficit, the family has offered assurances that the entire sum will be paid off by the September 2021 deadline.
