Arcadia collapses - Pension fears rise.

in retail •  4 years ago 

https://www.theguardian.com/business/2020/nov/28/fears-for-pensions-as-philip-greens-arcadia-faces-collapse

Like, I'm a consumerist. I like stuff. I like selling stuff to other people who like stuff. But I like small and independent retail.

One of its limitations is that under capitalism profits rise to the top while risk remains firmly at the bottom. Folks like Maxwell or Trump or Green can live high on the hog until the music stops. But in capitalisms game of endless musical chairs, they are always the one sat on the chair at the end, no matter how badly everyone else is fucked.

So yeah... that pension fund.

Green was the tycoon that strip mined C&A and sold it for a quid to escape the obligations of said strip mining. Expect this story to run and run - and if you are one of the thirteen thousand whose fortunes are shackled to this man's superyacht, my heart goes out to you this holiday season.

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