Image: Financial TimesControversial retail tycoon Sir Philip Green is fighting to prevent his company from entering administration this week.
Arcadia Group's lenders and the Pensions Regulator will vote on proposed restructuring plans on Wednesday. If they do not support the plans, which includes closing stores and slashing rent, the company could go into administration.
The group, which includes brands such as Topshop, Topman, Burton, Dorothy Perkins, Miss Selfridge and Wallis, has over 560 stores across the UK and Ireland and employs over 22,000 people.
In addition to store closures, MPs are calling on Green to use his personal wealth to fund the company's pension scheme. The scheme currently has a deficit of £750 million and wants to cut its contributions to just £25m. Arcadia's main shareholder, Lady Tina Green, who is Sir Philip's wife, has offered to inject £100m over the next three years.
However, the Pensions Regulator does have the power to block arrangements it believes will not "adequately protect" staff pensions.
It comes after a difficult few years for the retail businessman. In 2016, he was described by MPs as the "unacceptable face of capitalism" after leaving retailer BHS 'on life support', leaving it with a huge pensions deficit and taking money out of the business to 'get rich'.
And more recently, Sir Philip has faced allegations of sexual harassment and racial abuse by staff members. He denies the allegations.
