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LONDON (Reuters) – Britain's Philip Green is working on the restructuring of Arcadia, which owns Top Shop, Miss Selfridge and Dorothy Perkins, the BBC reported on Friday, citing a statement by the group.
The BBC said the statement highlighted "an exceptionally difficult retail market" in the UK and that Arcadia is exploring several options to enable the company to operate more efficiently.
He said none of the options explored included a significant number of store closures or redundancies.
Arcadia was not immediately available to comment on the report.
British retailers are facing a perfect storm of rising costs, uncertainty of the economy around the UK's exit from the European Union and structural change online.
Earlier Friday, media reported that Green was considering a voluntary restructuring scheme (CVA), a restructuring scheme that allows companies to close down unwanted stores and reduce rent bills.
CVA agreements have been adopted by other British retailers, including the New Look fashion chain, Carpetright flooring, the mother and child product manufacturer, the Homebase chain of maternal and home renovations.
(Report by James Davey, edited by Grant McCool)
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