Sir Philip Green’s Arcadia Group have today announced plans to shut 23 stores, putting 520 jobs at risk, as part of a rescue plan further decimating the UK high streets on the same day M&S announced further closures.

Included in the list of UK-wide closures are the Swindon branches of Miss Selfridge, Dorothy Perkins, Burton, Wallis and Evans have been earmarked for closure.

The town centre Topman and Topshop store seems to have escaped the cull.

The retail group’s proposals will also see rent cut at another 194 outlets.

Ian Grabiner, CEO of Arcadia Group, 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.

“Following constructive discussions with all key stakeholders, we believe that a CVA is the best course of action to reduce our fixed cost base and ensure we can continue meeting our commitments to pension trustees, staff, creditors and our extensive supply chain for the long term, while continuing to serve customers through our portfolio of quality fashion brands.

“We have in place a well-developed turnaround plan for the Group, which includes driving cost efficiencies and managing the refreshed retail store estate and investing in the continued development of our multi-channel proposition and logistics. The plan will be executed by the Group’s recently strengthened senior management team, made up of top talent from across the retail industry who are committed to returning the Group to growth.

“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.”

LEAVE A REPLY

Please enter your comment!
Please enter your name here