Wide screen devices may view this page better by clicking here

2 December 2020

Facebook   Twitter

Join the Socialist Party Join us today!

Printable version Printable version

Facebook   Twitter

Arcadia and Debenhams closures: Nationalise to save jobs and pensions

Topshop and Topman are under threat, photo Mtaylor848/CC

Topshop and Topman are under threat, photo Mtaylor848/CC   (Click to enlarge)

News of the collapse into administration of retail consortium Arcadia - owners of Topshop, Burton and Dorothy Perkins - with the threat to 13,000 jobs, was followed by the announcement that Debenhams department stores will probably close, axing 12,000 jobs.

Faced with such devastating job losses, the trade unions must take concrete action to force the government to halt mass redundancies and guarantee these workers a livelihood.

Arcadia's insolvency is not simply another Covid-affected high street business collapse. Its problems predate the pandemic.

Likewise Debenhams, which had already cut 6,500 jobs, had long been teetering on the brink of collapse, after years of underinvestment.

Arcadia is officially 'owned' by Sir Philip Green's wife who resides in the tax haven of Monaco. This is where, in 2016, Philip Green was notoriously photographed lounging on his 100 million super-yacht when his previously-owned BHS company collapsed, leaving 11,000 workers unemployed and a huge 571 million hole in the workers' pension fund.


Green is an asset-stripper. Like a financial vampire, he has never invested his money to build businesses but acquired them to suck out money to enrich himself.

In the case of BHS, during 15 years of ownership, Green siphoned 580 million in dividends, rental payments, and interest on loans, and then sold the company for 1.

Only after government pressure, and the possibility of losing his knighthood, did the billionaire subsequently write a 363 million cheque to stop BHS's pension fund collapsing.

However, it still meant that workers, on average, only received up to 88% of their original pension entitlement. In a rerun of the BHS nightmare, Arcadia's pension fund is 350 million in deficit.

Vulture companies are now circling to see what scraps they can scavenge from the carcass of Arcadia. The Socialist Party demands that the retail group is nationalised to save thousands of workers' jobs and pensions.

Moreover, Philip Green's non-dom tax status should be ended, and he must be made to pay back the money extracted from the labour of Arcadia workers into their pensions pot.

Donate to the Socialist Party

Finance appeal

The coronavirus crisis has laid bare the class character of society in numerous ways. It is making clear to many that it is the working class that keeps society running, not the CEOs of major corporations.

The results of austerity have been graphically demonstrated as public services strain to cope with the crisis.

The government has now ripped up its 'austerity' mantra and turned to policies that not long ago were denounced as socialist. But after the corona crisis, it will try to make the working class pay for it, by trying to claw back what has been given.

Inevitably, during the crisis we have not been able to sell the Socialist and raise funds in the ways we normally would.

We therefore urgently appeal to all our viewers to click here to donate to our Fighting Fund.

Please donate here.

All payments are made through a secure server.

My donation


Your message: 


In The Socialist 2 December 2020:

What we think

Spending Review. Unions must resist return to austerity

Spending Review

What will the spending review mean for me?

Napo kickstarts fight against pay freeze


Better for billionaires. Worse for workers

Arcadia and Debenhams closures: Nationalise to save jobs and pensions

Scotland: Campaign wins end to period poverty

NHS: Underfunded, understaffed, underpaid

News in brief


Where is devolution heading?

Workplace News

Don't let the festive season be one of misery for retail workers

Equity union conference calls for radical change - now lead a fight!

Solidarity with Brighton UCU strike - we won't pay for Covid crisis

East London teachers strike in support of victimised union rep

Heathrow workers strike against 'fire and rehire' plans

Hackney: Stop plan to halve school support staff!

Pay freeze protest Homerton Hospital

Unison general secretary ballot closes


'Building back greener' - yet more Tory greenwash

International News

Conflict in Ethiopia: ethnic-linguistic divisions are the historical product of capitalist inequality


Review: Friedrich Engels - Condition of the working class in England


Socialism 2020 feedback

Wales TUSC plans to mount an electoral challenge

Rent strikers' victory in Manchester student halls

Labour meeting lets MP get away with 'Spycops' abstention

Selling the Socialist

Fighting fund target smashed!

Reader's opinion

TV: The Social Dilemma

Fast fashion, big profits, low pay

Diego Maradona - Working-class rebel, football genius

Socialist Inbox


Home   |   The Socialist 2 December 2020   |   Join the Socialist Party

Subscribe   |   Donate   |   Audio  |   PDF  |   ebook

Related links:


triangleRetail workers desperately need a fighting and democratic union

triangleSainsbury's pay offer shows future will only be 'great pay' if we fight

triangleMorrisons - 10/hr headline hides divisive pay offer

triangleRyan Aldred: Why I'm standing for Usdaw's EC

triangleLockdown 3.0 - fight to make our shops safe!


triangleTory government nationalises Sheffield steel plant

triangleJobs and homes for all

triangleYouth Fight for Jobs is officially relaunched

triangleBarnsley 'Big Green Space' protest


triangleRoad closures: Hackney residents have not been consulted

triangleStop domestic abuse service closures in Brighton

triangleSainsbury's and Argos: Closures, cuts and soaring sales


triangleMake vaccine technology public, nationalise big-pharma

triangleSave jobs, save livelihoods, save GKN Automotive - nationalise the plant!


triangleDefend the triple lock - Fight to end poverty pensions


triangleNews in brief

Article dated 2 December 2020

Join the Socialist Party
Subscribe to Socialist Party publications
Donate to the Socialist Party


Pay in Fighting Fund

Pay in paper and book sales


Bulk book orders

New member submission


triangle5 Aug Waltham Forest Socialist Party: Flooding, homelessness, cuts... Walthamstow needs a re-set - what's the socialist plan?

triangle7 Aug Socialist Party national youth meeting

triangle12 Aug East London Socialist Party: Cuba protests - what do they represent?


The Socialist, weekly newspaper of the Socialist Party

Subscribespacer|spacerebook / Kindlespacer|spacerPDF versionspacer|spacerText / Printspacer|spacer1143 onlinespacer|spacerBack issuesspacer|spacer Audio files

'The Struggle for World Socialism' book launch

More videos ...

What We Stand For
Socialist Party Facebook page
Socialist Party on Twitter
Visit us on Youtube

Platform setting: =

Desktop version