The Arcadia retail group has said it is working on "contingency options to secure the future of the group's brands" after reports it will collapse into administration within days, with 15,000 jobs at risk.

The company, which is behind brands such as Topshop and Dorothy Perkins, has said it is "working on a number of contingency options," after reports it is days away from collapse.

Arcadia said it has 34 sites in Ireland.

In response to news that Deloitte might soon be appointed administrators for the business, putting 15,000 jobs at risk, Arcadia said: "We are aware of the recent media speculation surrounding the future of Arcadia"

"The forced closure of our stores for sustained periods as a result of the Covid-19 pandemic has had a material impact on trading across our businesses," it stated.

"As a result, the Arcadia boards have been working on a number of contingency options to secure the future of the group's brands," the company said.

"The brands continue to trade and our stores will be opening again in England and ROI as soon as the government Covid-19 restrictions are lifted next week," it added.

The group had been in emergency talks with lenders in a bid to secure a £30m loan to help shore up its finances. 

If the insolvency is confirmed, it is expected to trigger a scramble among creditors to get control of company assets. 

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.