Sir Philip Green’s Arcadia Group confirms plans to shut 23 stores in move that puts 520 jobs at risk
- Topshop, Burton and Dorothy Perkins stores earmarked for closure nationwide
- Evans, Wallis and Outfit will also be affected by company’s ‘rescue plan’
- Second blow in a month for Sir Philip after he lost his billionaire status
Sir Philip Green’s Arcadia Group has confirmed plans to shut 23 stores, putting 520 jobs at risk.
Topshop, Burton, Dorothy Perkins and Miss Selfridge branches have all been earmarked for closure, as well as the company’s Outfit, Wallis and Evans stores.
The move is the second blow for Sir Philip this month after he lost his billionaire status in the Sunday Times Rich List.
The retail group’s chief executive described the move as a ‘tough decision’ made in a bid to save the business as more and more consumers opt to shop online.
Sir Philip Green’s Arcadia Group has confirmed plans to shut 23 stores, putting 520 jobs at risk
Rents will also be cut at another 192 Arcadia stores nationwide and the 11 Topshop and Topman stores in the US will close, the firm has said.
Arcadia’s chief executive Ian Grabiner said: ‘Against a backdrop of challenging retail headwinds, changing consumer habits and ever-increasing online competition, we have seriously considered all possible strategic options to return the group to a stable financial platform.
‘This has been a tough but necessary decision for the business. We will ensure all potentially affected colleagues are kept fully informed as we seek approval from our creditors on today’s CVA proposals.’
The tycoon’s retail group currently has 1,170 shops in 36 different countries.
There are 566 Arcadia stores in the UK and Ireland, many of which are franchises inside larger stores, employing 18,000 people.