A last minute rescue deal for a multimillion-pound loan to Sir Philip Green's struggling Arcadia Group are said to have fallen through.
Sir Philip's retail group, which includes the Topshop, Dorothy Perkins. Topman, Miss Selfridge and Burton brands, has been revealed to be on the brink of collapse with 15,000 jobs at risk.
Mike Ashley's Frasers Group has confirmed it has offered a £50m loan in moves to stave off collapse into administration - but senior sources at the company have told the BBC they do not expect a last-minute rescue deal.
That means Arcadia Group will enter administration at some point today, Monday November 30, the broadcaster said, with Deloitte to be appointed as administrators.
The offer from Newcastle United owner Mike Ashley's retail firm Frasers Group, which runs Sports Direct, Flannels and House of Fraser amongst others, amounts to £50m.
Frasers Group said: "The company can confirm that it has made an offer and provided draft terms to the Arcadia Group for a loan of up to £50 million and is now awaiting a substantive response.
"Should the Company and the Arcadia Group's efforts to agree an emergency funding package fail and the Arcadia Group enter into administration, the company would be interested in participating in any sale process."
Arcadia had been in emergency talks with lenders in a bid to secure a £30 million loan to help shore up its finances.
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If the insolvency is confirmed, it is expected to trigger a scramble among creditors to get control of company assets.
The firm employs around 15,000 people in more than 500 stores across the 海角视频. Top Shop itself has more than 250 shops in some 170 towns and cities.
It is the latest retailer to have been hammered by the closure of stores in the face of coronavirus, with rivals including Debenhams, Edinburgh Woollen Mill Group and Oasis Warehouse all sliding into insolvency since the pandemic struck in March.
The group has more than 500 retail stores across the 海角视频 with the majority of these currently shut as a result of England's second national lockdown, which will end next week.
Earlier this year, Arcadia revealed plans to cut around 500 of its 2,500 head office jobs amid a restructure in the face of the coronavirus crisis.