Fears are growing about the future of Sir Philip Green’s retail empire, which includes Topshop, Burton and Dorothy Perkins.
Sir Philip had been in talks with potential lenders about borrowing £30m to help the business through Christmas.
Sky News reports that these talks have ended in failure and that administrators could be appointed as early as next week, putting 15,000 jobs at risk.
Arcadia declined to comment.
Without the emergency funding, doubts had been raised about whether Arcadia would be able to survive after trading had been badly hit by the coronavirus pandemic.
Non-essential retailers in England have been forced to close for four weeks until 2 December to contain the spread of Covid-19.