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(Adds an Arcadia statement)
LONDON, March 16 (Reuters) – Britain's Philip Green is working on the restructuring of its Arcadia group, owner of Top Shop, Miss Selfridge and Dorothy Perkins, the company said on Friday.
In a statement, Arcadia said it was an "exceptionally difficult retail market" and "ongoing pressures on the UK high street".
The retailer said it is exploring several options to enable Arcadia to operate more efficiently.
"None of the options explored involves a significant number of layoffs or store closures. The company continues to operate as usual, including all payments to suppliers as usual, "he said.
British retailers are facing a perfect storm of cost increases, uncertainty surrounding the economy surrounding 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 retailer, Mothercare mother and child product company and the Homebase home improvement line. (Report by James Davey, edited by Grant McCool and Sandra Maler)
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