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83-479: Arcadia Group Ltd (formerly Arcadia Group plc and, until 1998, Burton Group plc ) was a British multinational retailing company headquartered in London , England. It was best known for being the previous parent company of British Home Stores (BHS), Burton , Dorothy Perkins , Debenhams , Evans , Miss Selfridge , Topman , Topshop , Wallis and Warehouse . At its peak, the group had more than 2,500 outlets in

166-766: A basis in a national ethos , being ultimate without a specific nationhood, and that this lack of an ethos appears in their ways of operating as they enter into contracts with countries that have low human rights or environmental standards . In the world economy facilitated by multinational corporations, capital will increasingly be able to play workers, communities, and nations off against one another as they demand tax, regulation and wage concessions while threatening to move. In other words, increased mobility of multinational corporations benefits capital while workers and communities lose. Some negative outcomes generated by multinational corporations include increased inequality , unemployment , and wage stagnation . Raymond Vernon presents

249-508: A corporation invests in a country in which it is not domiciled, it is called foreign direct investment (FDI). Countries may place restrictions on direct investment; for example, China has historically required partnerships with local firms or special approval for certain types of investments by foreigners, although some of these restrictions were eased in 2019. Similarly, the United States Committee on Foreign Investment in

332-429: A free market system where there is little government interference. As a result, international wealth is maximized with free exchange of goods and services. To many economic liberals, multinational corporations are the vanguard of the liberal order. They are the embodiment par excellence of the liberal ideal of an interdependent world economy. They have taken the integration of national economies beyond trade and money to

415-519: A higher disposable income; this allowed the firm to capitalise on emerging new fashion and business trends of the 1980s, such as power dressing . Principles for Men was launched a year later, in 1985, following the success of the ladies' division. Also in 1985, the Group acquired Debenhams , then the largest department store group in the UK. The large store Browns of Chester , which had previously been part of

498-510: A large number of the outlets. In February 2009, it was announced that the BHS department store chain, also owned by the Greens, would be integrated into Arcadia. As part of the changes, some administrative functions previously run separately were intended to be consolidated to improve efficiency, and some BHS retail stores were to begin to carry Arcadia brands as concessions, enabling Arcadia to expand

581-490: A million troops to help, and by February 1991, Iraqi forces were expelled from Kuwait. Due to the oil boycott from Kuwait and Iran, oil prices rose and quickly recovered. Saudi Arabia once again led OPEC, and thanks to assistance in defending Kuwait, new relations emerged between the USA and OPEC. Operation "Desert Storm" brought mutual dependence among the main oil producers. OPEC continued to influence global oil prices but recognized

664-562: A £300m deficit in its pension fund, while the Green family had cashed out £1.2bn in dividends from Arcadia in 2005. The Arcadia Group entered administration on 30 November 2020. By 8 February 2021 all of the brands previously owned by Arcadia had been sold off by administrators to online retailers, mainly ASOS and Boohoo , sealing the fate of the remaining bricks-and-mortar sites and thousands of jobs. Outfit, an out-of-town retail chain that comprised numerous Arcadia subsidiaries' merchandise,

747-410: Is often handled through international arbitration . The actions of multinational corporations are strongly supported by economic liberalism and free market system in a globalized international society. According to the economic realist view, individuals act in rational ways to maximize their self-interest and therefore, when individuals act rationally, markets are created and they function best in

830-546: Is owned by Philip Green 's family, the only director being his wife, Tina Green . Accordingly, Arcadia Group became a private company and was delisted from the London Stock Exchange . By the middle of October 2002, the company had sold some of its chains, including Principles, Warehouse, Racing Green and Hawkshead, to Rubicon Retail for £35m. Those Outfit stores which were already retailing Principles and Warehouse clothing continued to do so by arrangement with

913-865: Is usually a large corporation incorporated in one country that produces or sells goods or services in various countries. Two common characteristics shared by MNCs are their large size and centrally controlled worldwide activities. MNCs may gain from their global presence in a variety of ways. First of all, MNCs can benefit from the economy of scale by spreading R&D expenditures and advertising costs over their global sales, pooling global purchasing power over suppliers, and utilizing their technological and managerial experience globally with minimal additional costs. Furthermore, MNCs can use their global presence to take advantage of underpriced labor services available in certain developing countries and gain access to special R&D capabilities residing in advanced foreign countries. The problem of moral and legal constraints upon

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996-504: The 2020 UK outbreak of COVID-19 , the group cancelled £100m of clothing orders which added to growing concerns of labour rights organisations of the impact on garment manufacturers globally. In May 2019, Arcadia Group confirmed it planned to close multiple stores across the UK, US and Ireland with the possibility of further closures worldwide. Many stores across the UK were set to close including Topshop's flagship store on London's Oxford Street and up to five Topshop stores closing including

1079-628: The Annabel's nightclub. All of Arcadia's brands were sold during January and February 2021 to online retailers, meaning that the related stores will eventually close. Outfit, out-of-town stores carrying various Arcadia brands but not a clothing brand in its own right, closed in January 2021. The Green family bought BHS for £200m in 2000, and it became part of the Arcadia Group in 2009, before being sold in 2015 for £1 to Dominic Chappell . By

1162-644: The Swedish Africa Company founded in 1649 and the Hudson's Bay Company founded in 1670. These early corporations engaged in international trade and exploration and set up trading posts. The Dutch government took over the VOC in 1799, and during the 19th century, other governments increasingly took over private companies, most notably in British India. During the process of decolonization ,

1245-781: The history of colonialism . The first multi-national corporations were founded to set up colonial "factories" or port cities. The two main examples were the British East India Company founded in 1600 and the Dutch East India Company (VOC) founded in 1602. In addition to carrying on trade between Great Britain and its colonies, the British East India Company became a quasi-government in its own right, with local government officials and its own army in India. Other examples include

1328-481: The recession of the early 1990s, which had led to declining sales across the retail clothing market, the Burton Group undertook a major review of its trading space portfolio. Under the banner of Townprint, the firm reviewed the location and branding of its stores in each town and city in which it operated. At the time of the review, the Group was operating in the region of 1,600 stores, some of which had been with

1411-590: The Bluewater shopping centre in Kent. In June 1999, the Arcadia Group launched Zoom, an e-commerce and Internet Service Provider that forms a vital part of the Group's multi-channel approach to retailing. Shortly after Zoom's launch, Associated Newspapers Ltd acquired a 50% stake in Zoom, allowing both partners to benefit from the increased joint marketing opportunities. In July 1999, Arcadia Group increased its share of

1494-560: The Burton group, was subsequently moved across to trade as part of the Debenhams chain and remained part of the Debenhams unit following the unit's divestment (it was only Debenhams-owned department store to retain a unique name alongside the corporate brand at the time of its closure in 2021). The firm also purchased menswear firm Colliers, ultimately rolling this into the Burton, Topman and Principles For Men chains. In 1993, spurred on by

1577-551: The English language. Senior officials, although mostly still Swedish, all learned English and all major internal documents were in English, the lingua franca of multinational corporations. After the war, the number of businesses having at least one foreign country operation rose drastically from a few thousand to 78,411 in 2007. Meanwhile, 74% of parent companies are located in economically advanced countries. Developing and former communist countries such as China, India, and Brazil are

1660-663: The European colonial charter companies were disbanded, with the final colonial corporation, the Mozambique Company , dissolving in 1972. Mining of gold, silver, copper, and oil was a major activity early on and remains so today. International mining companies became prominent in Britain in the 19th century, such as the Rio Tinto company founded in 1873, which started with the purchase of sulfur and copper mines from

1743-677: The Group was announced in July 1997: the plan was approved by shareholders in January 1998, and the de-merger took effect later that month. At that time, Debenhams became a separate company with its listing on the London Stock Exchange . It was at this point that the Group, until then still known as Burton Group plc , became Arcadia Group plc . The late 1990s also saw the launch of a new experimental high-fashion menswear chain, SU214 (Style Union 214), which took its name from its flagship store at 214 Oxford Street in London. The chain aimed to capitalise on

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1826-575: The International Energy Agency (IEA), enabling states to coordinate policy, gather data, and monitor global oil reserves. In the 1970s, OPEC gradually nationalized the Seven Sisters. The Kingdom of Saudi Arabia, as the only largest world oil producer, could leverage this. However, Saudi Arabia opted for the correct approach and maintained consistent oil prices throughout the 1970s. In 1979, the "second oil shock" came from

1909-574: The Netherlands has become a popular choice, as its company laws have fewer requirements for meetings, compensation, and audit committees, and Great Britain had advantages due to laws on withholding dividends and a double-taxation treaty with the United States. Corporations can legally engage in tax avoidance through their choice of jurisdiction but must be careful to avoid illegal tax evasion . Corporations that are broadly active across

1992-558: The OLI framework. The other theoretical dimension of the role of multinational corporations concerns the relationship between the globalization of economic engagement and the culture of national and local responses. This has a history of self-conscious cultural management going back at least to the 60s. For example: Ernest Dichter, architect, of Exxon's international campaign, writing in the Harvard Business Review in 1963,

2075-693: The Outfit out-of-town store chain, introducing other Arcadia brands to the stores and expanding the store network. In 2000, the firm undertook a strategy known internally as BrandMAX under which underperforming brands were closed or scaled down. In some cases stores which were closed were replaced by other Arcadia properties. As part of BrandMAX, the Wade Smith Jr, Principles For Men and SU214 store brands ceased to trade and were absorbed as concessions into other group businesses (for instance, menswear chain SU214

2158-526: The Peter Robinson chain began what became a relaunch as Topshop . This was in response to the development of a new young fashion culture around Britain in the 1960s; Topshop became the company's home of young, modern, on-trend ladieswear, a role it continues to hold. The Topshop launch began with Topshop-branded departments within Peter Robinson stores in 1964, with the first standalone Topshop stores opened ten years later in 1974. The Peter Robinson name

2241-533: The Spanish government. Rio Tinto, now based in London and Melbourne , Australia, has made many acquisitions and expanded globally to mine aluminum , iron ore , copper , uranium , and diamonds . European mines in South Africa began opening in the late 19th century, producing gold and other minerals for the world market, jobs for locals, and business and profits for companies. Cecil Rhodes (1853–1902)

2324-464: The Third World colonies. That changed dramatically after 1945 as investors turned to industrialized countries and invested in manufacturing (especially high-tech electronics, chemicals, drugs, and vehicles) as well as trade. Sweden's leading manufacturing concern was SKF , a leading maker of bearings for machinery. In order to expand its international business, it decided in 1966 it needed to use

2407-486: The Topshop, Topman and Miss Selfridge brands out of administration for £265 million, paying an additional £65 million for current and pre-ordered stock. ASOS kept 300 employees on as part of the deal but didn't keep any of the brand's 70 stores, putting 2,500 jobs at risk. On 8 February 2021, Boohoo announced it had acquired the Burton, Dorothy Perkins and Wallis brands out of administration for £25.2 million. Boohoo took on

2490-636: The U.S. applies its corporate taxation "extraterritorially", which has motivated tax inversions to change the home state. By 2019, most OECD nations, with the notable exception of the U.S., had moved to territorial tax in which only revenue inside the border was taxed; however, these nations typically scrutinize foreign income with controlled foreign corporation (CFC) rules to avoid base erosion and profit shifting . In practice, even under an extraterritorial system, taxes may be deferred until remittance, with possible repatriation tax holidays , and subject to foreign tax credits . Countries generally cannot tax

2573-428: The UK and concessions in UK department stores and several hundred franchises operated internationally. The company was majority owned by Taveta Investments, owned by Tina Green , wife of Sir Philip Green , chairman of the Arcadia Group. BHS , also owned by Green, was integrated into Arcadia in 2009. In 2015 the then loss-making BHS was sold for £1 to Retail Acquisitions Ltd, owned by Dominic Chappell . In 2019, on

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2656-628: The UK womenswear market with the acquisition of the Sears womenswear businesses, comprising the Warehouse, Wallis, Richards , Miss Selfridge and Outfit brands from the defunct Sears plc . Shortly afterward, Arcadia chose to close down the underperforming Richards chain, though shops in suitable locations were rebranded under other Arcadia store brands. Arcadia continued to develop the Wallis, Miss Selfridge, and Warehouse brands, and expanded significantly

2739-541: The United States sanctions against Iran ; European companies faced with the possibility of losing access to the U.S. market by trading with Iran. International investment agreements also facilitate direct investment between two countries, such as the North American Free Trade Agreement and most favored nation status. Raymond Vernon reported in 1977 that of the largest multinationals focused on manufacturing, 250 were headquartered in

2822-506: The United States scrutinizes foreign investments. In addition, corporations may be prohibited from various business transactions by international sanctions or domestic laws. For example, Chinese domestic corporations or citizens have limitations on their ability to make foreign investments outside China, in part to reduce capital outflow . Countries can impose extraterritorial sanctions on foreign corporations even for doing business with other foreign corporations, which occurred in 2019 with

2905-614: The United States as the largest consumer and guarantor of the existing oil security order. Since the Iraq War, OPEC has had only a minor influence on oil prices, but it has expanded to 11 members, accounting for about 40 percent of total global oil production, although this is a decline from nearly 50 percent in 1974. Oil has practically become a common commodity, leading to much more volatile prices. Most OPEC members are wealthy, and most remain dependent on oil revenues, which has serious consequences, such as when OPEC members were pressured by

2988-461: The United States from 2010. The USA became the leading oil producer, creating tension with OPEC. In 2014, Saudi Arabia increased production to push new American producers out of the market, leading to lower prices. OPEC then reduced production in 2016 to raise prices, further worsening relations with the United States. By 2012, only 7% of the world's known oil reserves were in countries that allowed private international companies free rein; 65% were in

3071-477: The United States on the global oil market. In 1959, companies lowered the price of oil due to a surplus in the market. This reduction dealt a significant blow to the finances of producers. Saudi oil minister Abdullah Tariki and Venezuela’s Juan Perez Alfonso entered into a secret agreement (the Mahdi Pact), promising that if the price of oil was lowered a second time, they would take collective action against

3154-696: The United States turned to foreign oil sources, which had a significant impact on the recovery of the West after World War II. Most of the world's oil was found in Latin America and the Middle East, particularly in the Arab states of the Persian Gulf. This increase in non-American production was enabled by multinational corporations known as the 'Seven Sisters'. The "Seven Sisters" was a common term for

3237-629: The United States, 115 in Western Europe, 70 in Japan, and 20 in the rest of the world. The multinationals in banking numbered 20 headquartered in the United States, 13 in Europe, nine in Japan and three in Canada. Today multinationals can select from a variety of jurisdictions for various subsidiaries, but the ultimate parent company can select a single legal domicile ; The Economist suggests that

3320-613: The United States. Their products are currently available online through Nordstrom in North America. Between summer 2019 and winter 2020, Wallis, Evans and Dorothy Perkins (Dublin and Cork) stores exited the Irish market, Miss Selfridge stores (in Galway and Dublin ) and flagship stores belonging to Topshop and Topman (Dublin) also closed. Due to the global COVID-19 pandemic, Brexit and continued issues with its parent company, Arcadia

3403-456: The West to the post-colonial South and invest either in foreign expenditures or ostentatious economic development projects. After 1974, most of the money from OPEC members ceased as payments for goods and services or investments in Western industry. In February 1974, the first Washington Energy Conference was convened. The most significant contribution of this conference was the establishment of

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3486-449: The bankruptcy of BHS, British MP Frank Field , who previously investigated the BHS pension deficit, criticised Philip Green for paying considerable dividends to his family and to friend Richard Caring "when things are going well", and making his employees pay "when things are not going well". In April 2019, it was reported that the Arcadia Group, controlled by the Green family, had recorded

3569-469: The behavior of multinational corporations, given that they are effectively "stateless" actors, is one of several urgent global socioeconomic problems that has emerged during the late twentieth century. Potentially, the best concept for analyzing society's governance limitations over modern corporations is the concept of "stateless corporations". Coined at least as early as 1991 in Business Week ,

3652-564: The branch in Swindon . Stores outside the UK, US and Ireland were expected to remain open as they are currently under a franchise agreement, but subject to change. A total of 17 stores were confirmed for closure in the UK and a further six stores in the Republic of Ireland. All eleven Topshop and Topman co-branded stores were to close across the US, with Arcadia filing for Chapter 15 bankruptcy in

3735-577: The brands. In 1996, the Group made its first move into home shopping with the acquisition of Innovations, a mail-order catalogue company, along with the Hawkshead brand in July 1996 and Racing Green in October 1996. Innovations and some related brands were then sold to the home shopping group Great Universal Stores in November 1997. The decision to de-merge Debenhams and separate it from the rest of

3818-603: The chance to buy a full suit, which included a jacket, trousers, waistcoat, shirt, and underwear, which became known as The Full Monty . In 1946, the company acquired the Peter Robinson women's fashion chain. By 1952, the year Montague Burton died, the company was the largest multiple tailor in the world. Burton was the official suit supplier of the England national football team for the World Cup in 1966. In 1964,

3901-742: The collapse of the Shah's regime in Iran. Iran became a regional power due to oil money and American weapons. The Shah eventually abdicated and fled the country. This prompted a strike by thousands of Iranian oil workers, significantly reducing oil production in Iran. Saudi Arabia tried to cope with the crisis by increasing production, but oil prices still soared, leading to the "second oil shock." Saudi Arabia significantly reduced oil production, losing most of its revenues. In 1986, Riyadh changed course, and oil production in Saudi Arabia sharply increased, flooding

3984-654: The companies. This occurred in 1960. Prior to the 1973 oil crisis , the Seven Sisters controlled around 85 percent of the world's petroleum reserves . In the 1970s, most countries with large reserves nationalized their reserves that had been owned by major oil companies. Since then, industry dominance has shifted to the OPEC cartel and state-owned oil and gas companies, such as Saudi Aramco , Gazprom (Russia), China National Petroleum Corporation , National Iranian Oil Company , PDVSA (Venezuela), Petrobras (Brazil), and Petronas (Malaysia). A unilateral increase in oil prices

4067-486: The company's brands to another. As part of the Townprint programme, the firm began to roll out new ways of working, such as operating increasing numbers of combined stores, where several brands shared the same unit; these combinations (such as Topshop/Topman or Burton/Dorothy Perkins unit-shares) would continue to be developed through the 1990s and 2000s as a way of reducing overheads while maintaining geographical spread of

4150-510: The conception was theoretically clarified in 1993: that an empirical strategy for defining a stateless corporation is with analytical tools at the intersection between demographic analysis and transportation research. This intersection is known as logistics management , and it describes the importance of rapidly increasing global mobility of resources. In a long history of analysis of multinational corporations, we are some quarter-century into an era of stateless corporations—corporations that meet

4233-643: The creation of a "world customer". The idea of a global corporate village entailed the management and reconstitution of parochial attachments to one's nation. It involved not a denial of the naturalness of national attachments, but an internationalization of the way a nation defines itself. "Multinational enterprise" (MNE) is the term used by international economist and similarly defined with the multinational corporation (MNC) as an enterprise that controls and manages production establishments, known as plants located in at least two countries. The multinational enterprise (MNE) will engage in foreign direct investment (FDI) as

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4316-553: The current name was substituted. The firm's headquarters moved from Chesterfield to Leeds in 1910, and The Cross-Tailoring Company had changed its name to Burton by the time the First World War broke out in 1914. The company was first listed on the London Stock Exchange in 1929, when it had 400 stores, factories, and mills. By then, the company had a large factory in Leeds . After World War II , Montague Burton offered men

4399-402: The ecommerce and digital assets of the three brands, as well as their inventory and transfer of 260 jobs. The deal did not include the brands' combined 214 stores, concessions or franchises, putting 2,450 jobs at risk. Arcadia's brands, including Dorothy Perkins, were mainly supplied by International Clothing Designs , a company owned by Philip Green's long-time friend Richard Caring , owner of

4482-481: The firm makes direct investments in host country plants for equity ownership and managerial control to avoid some transaction costs . Sanjaya Lall in 1974 proposed a spectrum of scholarly analysis of multinational corporations, from the political right to the left. He put the business school how-to-do-it writers at the extreme right, followed by the liberal laissez-faire economists, and the neoliberals (they remain right of center but do allow for occasional mistakes of

4565-399: The group for some years and some of which needed to be performing more adequately. The ultimate result was that the Group ended the leases on around 380 of the outlets they were trading from at that point, though replaced over half of these (around 220 stores in all) with the lease of store units which the Group had not previously been trading from. Around 350 stores were transferred from one of

4648-504: The growing demand for high-end casualwear and expand upon the group's presence in the young menswear market. In June 1998, the Group acquired Wade-Smith, the Liverpool -based retailer of designer childrenswear, menswear, and womenswear. The acquisition was primarily to allow Arcadia to expand its presence in the childrenswear market, which they had made little attempt at up to this point. New Wade Smith Jr stores opened in locations such as

4731-416: The hands of state-owned companies that operated in one country and sold oil to multinationals such as BP, Shell, ExxonMobil and Chevron. Down through the 1930s, about 80% of the international investments by multinational corporations were concentrated in the primary sector, especially mining (especially oil) and agriculture (rubber, tobacco, sugar, palm oil , coffee, cocoa, and tropical fruits). Most went to

4814-415: The internationalization of production. For the first time in history, production, marketing, and investment are being organized on a global scale rather than in terms of isolated national economies. International business is also a specialist field of academic research. Economic theories of the multinational corporation include internalization theory and the eclectic paradigm . The latter is also known as

4897-460: The largest recipients. However, 70% of foreign direct investment went into developed countries in the form of stocks and cash flows. The rise in the number of multinational companies could be due to a stable political environment that encourages cooperation, advances in technology that enable management of faraway regions, and favorable organizational development that encourages business expansion into other countries. A multinational corporation (MNC)

4980-474: The laws and regulations of both their domicile and the additional jurisdictions where they are engaged in business. In some cases, the jurisdiction can help to avoid burdensome laws, but regulatory statutes often target the "enterprise" with statutory language around "control". As of 1992 , the United States and most OECD countries have the donot legal authority to tax a domiciled parent corporation on its worldwide revenue, including subsidiaries. As of 2019 ,

5063-434: The market with cheap oil. This caused a worldwide drop in oil prices, hence the "third oil shock" or "counter-shock." However, this shock represented something much bigger—the end of OPEC's dominance and its control over oil prices. Iraqi President Saddam Hussein decided to attack Kuwait. The invasion sparked a crisis in the Middle East, prompting Saudi Arabia to request assistance from the United States. The United States sent

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5146-480: The marketplace such as externalities). Moving to the left side of the line are nationalists, who prioritize national interests over corporate profits, then the "dependencia" school in Latin America that focuses on the evils of imperialism, and on the far left the Marxists. The range is so broad that scholarly consensus is hard to discern. Anti-corporate advocates criticize multinational corporations for being without

5229-519: The new owners. Arcadia also entered into discussions regarding the sale of the Wade Smith brand back to its previous owners. In 2005, Sir Philip Green bought the UK retail stores of Etam and Tammy ; these stores were converted into other Arcadia retail outlets, with Tammy clothing subsequently being retailed through BHS and Outfit stores. Some of the stores not retained by Arcadia were taken up by other fashion retail groups, with Monsoon acquiring

5312-438: The number of stores under lease was to fall, in 2013–14, Arcadia began shutting stores in several locations, mostly small-to-medium-sized towns and cities, including South Shields, Barnsley, Scunthorpe, Dartford, Crawley, Erdington, Birmingham and Market Harborough. Arcadia cited the rise in online shopping and "destination" centres as a reason for moving away from high street locations. In March 2015, following continued losses, BHS

5395-591: The presence of its brands without having to lease numerous new stores, and allowing the firm to cut costs by transferring operations from stand-alone stores into BHS locations. In late 2010, Arcadia began a further review of its property portfolio, similar to those undertaken under the Townprint and BrandMAX schemes; several hundred of the group's existing store leases were set to expire over the next three to five years. Analysts estimated that between 150 and 300 stores could be shut and replaced with new locations or integrated/combined stores. After Phillip Green confirmed that

5478-560: The price collapse in 1998–1999. The United States still maintains close relations with Saudi Arabia. In 2003, U.S. forces invaded Iraq with the aim of removing the dictatorship and gaining access to Iraqi oil reserves, giving the United States greater strategic importance from 2000 to 2008. During this period, there was a constant shortage of oil, but its consumption continued to rise, maintaining high prices and leading to concerns about "peak oil". From 2005 to 2012, there were advances in oil and gas extraction, leading to increased production in

5561-611: The realities of the needs of source materials on a worldwide basis and to produce and customize products for individual countries. One of the first multinational business organizations, the East India Company , was established in 1601. After the East India Company came the Dutch East India Company , founded on March 20, 1603, which would become the largest company in the world for nearly 200 years. The main characteristics of multinational companies are: When

5644-462: The seven multinational companies that dominated the global petroleum industry from the mid-1940s to the mid-1970s. The nationalization of the Iranian oil industry in 1951 by Iranian Prime Minister Mohammad Mosaddegh and the subsequent boycott of Iranian oil by all companies had dramatic consequences for Iran and the international oil market. Iran was unable to sell any of its oil. In August 1953,

5727-436: The success of Topshop in catering to a young, fashion-savvy audience and reflected the growth in men's casual clothing, with formal-wear sales declining due to the trend for more casual general clothing. The firm also expanded its horizons by acquiring businesses outside its fashion heartland, at one point owning Ryman , the stationery chain, but later scaled back to focus principally on clothing. The Dorothy Perkins chain

5810-404: The then-prime minister was overthrown by a pro-American dictatorship led by the Shah, and in October 1954, the Iranian industry was denationalized. Worldwide oil consumption increased rapidly between 1949 and 1970, a period known as the 'golden age of oil'. This increase in consumption was caused not only by the growth of production by multinational oil companies but also by the strong influence of

5893-549: The time of its sale to Chappell, the company had a pension deficit of £571m. This deficit was attributed to Green having paid dividends to his family and to Richard Caring . Caring, a personal friend of Philip Green, secretly owned a stake in BHS in the early 2000s, and was awarded £93m in dividends. Multinational corporation Most of the current largest and most influential companies are publicly traded multinational corporations, including Forbes Global 2000 companies. The history of multinational corporations began with

5976-573: The world without a concentration in one area have been called stateless or "transnational" (although "transnational corporation" is also used synonymously with "multinational corporation" ), but as of 1992, a corporation must be legally domiciled in a particular country and engage in other countries through foreign direct investment and the creation of foreign subsidiaries. Geographic diversification can be measured across various domains, including ownership and control, workforce, sales, and regulation and taxation. Multinational corporations may be subject to

6059-503: The worldwide revenue of a foreign subsidiary, and taxation is complicated by transfer pricing arrangements with parent corporations. For small corporations, registering a foreign subsidiary can be expensive and complex, involving fees, signatures, and forms; a professional employer organization (PEO) is sometimes advertised as a cheaper and simpler alternative, but not all jurisdictions have laws accepting these types of arrangements. Disputes between corporations in different nations

6142-479: Was absorbed into Topman). Miss Selfridge was also reduced significantly in size (though gained a new London flagship store in the former SU214 flagship site) and all remaining standalone Topman stores were replaced by combined Topshop-Topman stores, a process of integration which had begun some years previously. In 2002, Arcadia Group plc was bought by Taveta Investments, owned by Taveta Ltd, based in Jersey. Taveta Ltd

6225-427: Was acquired in 1979, enabling the Group to expand into the mainstream womenswear market, following the success of its previous ladieswear ventures (Topshop and Evans). The Dorothy Perkins chain has subsequently been positioned as the group's main ladieswear operation, focused towards a similar target audience as Burton is in menswear. In 1984, the Group launched a new chain, Principles , for fashion-conscious women with

6308-452: Was eventually dropped altogether. In 1971 the Group acquired Evans , a major operator in the field of fashionable clothing for women wearing larger-sized clothes. In the 1970s, and as a complement to the suit business, the Group began to develop itself significantly in mainstream clothing retailing by starting to target chains to precisely defined markets - for example, it launched Topman for young men in 1970. This development capitalised on

6391-640: Was expected to confirm a full closure of its Irish operations for late 2020 or early 2021. In December 2020, Arcadia's Irish companies (Arcadia Group Multiples Ireland Ltd, Topshop/Topman Ireland Ltd, Wallis Retail Ireland and Miss Selfridge Retail Ireland) confirmed they would be liquidated, however, they will continue to trade until early 2021. The impending closure of its Irish operations would result in less than 500 job losses in Ireland. Arcadia Group went into administration at 8pm GMT on 30 November 2020, placing 13,000 jobs at risk. On 25 January 2021, ASOS said it

6474-448: Was fully aware that the means to overcoming cultural resistance depended on an "understanding" of the countries in which a corporation operated. He observed that companies with "foresight to capitalize on international opportunities" must recognize that " cultural anthropology will be an important tool for competitive marketing". However, the projected outcome of this was not the assimilation of international firms into national cultures, but

6557-509: Was in "exclusive" talks to buy Arcadia's Topshop, Topman, Miss Selfridge and HIIT brands out of administration, though it only wanted the brands, not the shops. A consortium including Next had earlier dropped a bid to buy Topshop and Topman; interest in Arcadia operations had also been expressed by Mike Ashley 's Frasers Group , a consortium including JD Sports , and online retailer Boohoo . On 1 February 2021, ASOS announced it had acquired

6640-546: Was labeled as "the largest nonviolent transfer of wealth in human history." The OPEC sought immediate discussions regarding participation in national oil industries. Companies were not inclined to object as the price hike benefited both them and OPEC members. In 1980, the Seven Sisters were entirely displaced and replaced by national oil companies (NOCs). The rise in oil prices burdened developing countries with balance of payments deficits, leading to an energy crisis. OPEC members had to abandon their plan of redistributing wealth from

6723-676: Was not sold, and so was closed. The Arcadia Group has its origins in the firm founded by 18-year-old Lithuanian immigrant Montague Burton in Chesterfield in 1903 as The Cross-Tailoring Company. Burton's initial operation, a men's clothing manufacture, tailoring and retailing operation, became the genesis for the current Burton Menswear chain, which remains part of the company, albeit having moved away from traditional tailoring to mainstream men's off-peg casuals and formalwear line with shifting trends in fashion and clothing. The eventual holding company survived as Burton Group plc until 1998 when

6806-501: Was one of the few businessmen in the era who became Prime Minister (of South Africa 1890–1896). His mining enterprises included the British South Africa Company and De Beers . The latter company practically controlled the global diamond market from its base in southern Africa. In 1945, the United States was the world's largest oil producer. However, their reserves were declining due to high demand. Therefore,

6889-450: Was sold to Retail Acquisitions Ltd. In March 2019, after continued losses, it was reported that Sir Philip Green was exploring a company voluntary arrangement (CVA) to restructure the company. It was feared the plan could lead to more shop closures and job losses. A month later, two restructuring specialists were added to the Arcadia Group's board to oversee the implementation of the CVA. Amid

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