Arcadia on Brink of collapse: Why Not Nationalise It?

Sir Phillip Green is set to let his Arcadia empire collapse after talks failed on a £30 million bailout loan. Sir Phillip is worth £1.2 billion and was knighted by Tony Blair in 2006, but it seems he can't be arsed to dip into his pocket to save the livelihoods of his staff. Nice chap.

It has been reported that Arcadia has called in administrators Deloitte LLP and collapse now looks inevitable. 

Here's what we know:
  • Arcadia has 13,000 staff & 9,294 are on furlough
  • The Arcadia Group includes TopShop, Dorothy Perkins and Burton
  • The Arcadia pension fund has about 10,000 members
  • The pension fund is short by around £350 million
  • 13,000 staff are going to lose their jobs
  • 10,000 are likely to lose some or all of their pension
Here's what else we know:

Sir Phillip Green owns a private jet, two super yachts, and a Monopoly set made from solid gold. Also, he spent £6 million on his 60th birthday party. Must be nice, eh? 

Talks on a £30 million bailout package collapsed and then Green rejected a £50 million loan offer from rival Mike Ashley. In other words, Green could bail out his Arcadia empire by using 3-4% of his assets if he wanted to. 

Of course, that would be unthinkable, so fuck his staff, most of who won't even own any assets. These rich bastards really do live on a different planet from those of us struggling to put food on the table, don't they?

Is it possible to imagine a more damning indictment of capitalism? 

Here is a man who became extraordinarily wealthy from money that his workers generated for him. If Green doesn't honour their pension fund, how is that anything other than theft? If he doesn't use his fortune to keep his business empire afloat, how is that anything other than deliberate failure?

Sir Phillip Green is wealthy only because he has pocketed money that his workers need to survive. They made that money, but in our broken neoliberal economic model, they don't get to keep it. A greedy knight of the realm does. 

And while we're at it, how fucking laughable is our honours system? What did Sir Phillip Green get his knighthood for? Appropriation of surplus value?

The fact is these workers (and many others) are going to be left unemployed during a pandemic while rich bastards like Green sail off into the sunset with their money. The pandemic is not just straining capitalism, it's exposing its utter failures and abject immorality. Personally, I would nationalise the Arcadia Group and turn it into a worker cooperative the moment it's back on its feet. Let the workers be in charge for a change. Can anyone give me a good reason why not?

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