British retailer Arcadia Group, owner of Topshop, files for bankruptcy. – The New York Times

Arcadia was reportedly seeking a £30 million ($40 million) lifeline, but on Monday the Fraser Group, a retail chain owned by a rival businessman, Mike Ashley, said its offer of a £50 million loan was rejected.

On Friday, Arcadia said lockdowns to curb the spread of coronavirus have had a “material impact” on its business. In recent years, the company has struggled to keep up with fast-fashion online rivals, and its dependency on physical stores has been a disadvantage as the virus has sped up the long-running demise of the British high street.

Earlier this month, during a lockdown period when nonessential stores were forced to close in England, foot traffic on British commercial areas was down 60 percent compared with last year, according to data from Springboard. Since February, online retail sales have grown 45 percent in Britain, while clothing sales — online and in-person — have declined 14 percent, the Office for National Statistics said earlier this month.

Last year, Arcadia entered into a company voluntary arrangement, a type of agreement insolvent companies can come to with creditors and keep operating. It closed more than 80 stores and renegotiated rents of others. It also filed for bankruptcy in the United States and closed all of its stores there.

The collapse of Arcadia is a new low in the career of Mr. Green, who was once deemed the “king of the high street” but has recently been the subject of allegations of racial and sexual harassment. He lives in Monaco, is frequently photographed aboard his 295-foot-long yacht, and used to commute to London in his private jet.