On Our Minds: Sir Philip Greed

Posted in Style
by adakallgren on 12 September, 2016

British parliament criticises retail tycoon Sir Philip Green for the demise of Arcadia Group-owned BHS.



On our minds is the recent events surrounding retail tycoon Sir Philip Green, founder and owner of Arcadia, the retail group behind Topshop, as a reaction to the demise of British high street institution, BHS, also part of the Arcadia group. After years of loss-making and lack of investment, Green sold the chain to a serial bankrupt with no retail experience, which ultimately led to its collapse leaving 11,000 employees out of work and with their pensions in jeopardy. A British parliamentary committee has criticised Green’s hasty and careless ways of disengaging with BHS, blaming the chain’s collapse on his “greed and failures of corporate governance”.  Last week, a former employee reached headlines after hunting down the knighted CEO on his £100 million yacht docked at an exclusive Italian island, urging him to do what he can to save his ex-workers’ pensions. Read more here.

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