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Arcadia chairman denies mulling sale to Chinese firm

Philip Green, chairman of privately owned U.K. retail company Arcadia Group Ltd., denied reports that it is considering selling itself to Chinese textiles producer Shandong Ruyi Technology Group Co. Ltd., The Guardian reported Feb. 19, citing a company statement.

The report said Arcadia, which owns clothing brands including Topshop and Miss Selfridge, denied that it has met with Shandong to discuss a deal or that it is in talks with other buyers, such as HSBC Holdings Plc., about a sale.

Green and the board of Arcadia reportedly issued a statement to deny the rumors after Frank Field, chair of the U.K. Parliament's Work and Pensions Select Committee, wrote to Green to demand assurances that the retailer's pension schemes would not be detached from Green's family interests in the event of a sale.

In his letter, Field also reportedly reminded Green of the fallout that followed the sale of his BHS retail chain to Retail Acquisitions Ltd. for £1 in 2015, which later resulted to Arcadia agreeing to pay £30 million to unsecured creditors of BHS in August 2017.