SIR Philip Green's retail empire Arcadia, which includes Topshop, Burton and Dorothy Perkins, could collapse within hours.
The company could enter administration as soon as Monday, putting 13,000 jobs at risk.
Senior sources at the company said they do not expect a last-minute rescue deal.
The group had been seeking extra cash to help it plug the gap from lost sales during the pandemic.
It further confirms the impact the ongoing coronavirus pandemic is having on the retail sector with over 500 Arcadian Group stores currently shut under the current national lockdown restrictions, which will end on December 2.
Having already announced 500 head office job cuts earlier this year, 15,000 jobs are said to be at risk.
Sir Phillip Green bought the company in 2002 for £850m and advised David Cameron on public sector waste while he was Prime Minister.
In a desperate year for the UK retail sector Arcadia Group would be the biggest high street casualty of the pandemic.
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