Wide screen devices may view this page better by clicking here

Local services



spotArguments for socialism




spotAround the UK

All keywords

All Campaigns subcategories:






Black and Asian



Corporate crime



Election campaigns





Gender Recognition Act

Health and safety

Health and welfare


Human Rights

LGBT Pride

Local government

* Local services

Low pay



New workers party



Post Office



Public Services




Stop the slaughter of Tamils


The state



Welfare rights


Workplace and TU campaigns


Local services

Highlight keywords  |Print this articlePrint this article
From: The Socialist issue 1112, 2 December 2020: Better for billionaires, Worse for workers

Search site for keywords: Retail - Jobs - Closures - Nationalise - Pensions - Pension

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: 


Local services keywords:

Care Homes (43)

Closures (163)

Cuts (3492)

Disability (104)

Fire (283)

Fire service (71)

Huddersfield (234)

Libraries (94)

Library (123)

Nursery (38)

Probation (51)

Water (127)

Socialist Party Facebook page
Socialist Party on Twitter
Visit us on Youtube

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


triangle2 Mar Bristol North Socialist Party: The National Question - Scotland, Wales & N Ireland

triangle2 Mar Caerphilly & RCT Socialist Party: How can peace be achieved in Israel/Palestine?

triangle3 Mar Hackney & Islington Socialist Party: Financing the Socialist Party


The Socialist, weekly newspaper of the Socialist Party


What we think


Lessons from history

Workplace news


Campaigns news

LGBT+ history month

International news

Readers' opinion

Subscribespacer|spacerebook / Kindlespacer|spacerPDF versionspacer|spacerText / Printspacer|spacer1122 onlinespacer|spacerBack issuesspacer|spacer Audio files

Leicester picket on the 21st strike day (22nd Feb) of around 7,000 British Gas engineers.  They are fighting against

Leicester picket on the 21st strike day (22nd Feb) of around 7,000 British Gas engineers. They are fighting against 'fire and rehire' - designed to worsen terms and conditions. Photo by Steve Score, Leicester Socialist Party

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

Platform setting: =

Desktop version