The fallen tycoon leaves behind a mountain of debt, much of it owed to exploited people in Asia earning as little as £4 a day

The collapse of Arcadia in the lead-up to Christmas, and with it the demise of Sir Philip Green’s controversial reign over the UK high street, has a Dickensian feel to it. Over the years, Green has embodied the role of billionaire boss, brazenly handing his wife a tax-free £1.2bn dividend in 2005 (four times the actual annual profits made by the company), while relaxing on his luxury yacht in Monaco. He has rarely showed concern for the workers propping up his empire.

The stark prospect of 13,000 workers losing their jobs and an estimated £350m pensions deficit during a global pandemic is more than enough to constitute the bleak reality of Christmas present, and Arcadia’s collapse will send further shockwaves throughout the fashion industry. Already, news has emerged that Debenhams faces liquidation as JD Sports pulled out of rescue talks, a knock-on effect following the closure of Arcadia’s concession outlets in the department retailer.