Sir Philip Green will close 25 more stores Evans and Miss Selfridge



[ad_1]

Member's display Miss Selfridge

Copyright of the image
Getty Images

Legend

The last closures will mainly concern Evans stores as well as six Miss Selfridge stores.

Sir Philip Green's retail empire, Arcadia, will close twice as many stores as he had announced earlier this week.

Arcadia, with brands such as Topshop, Burton and Dorothy Perkins, initially announced that 23 stores would be closed as part of a plan to rescue troubled businesses.

It has now become apparent that 25 other stores would be closed under a separate insolvency proceeding.

Arcadia have been contacted for a comment.

The final series of closures will focus on the Evans large-size clothing chain, as well as six Miss Selfridge stores.

Arcadia currently has over 560 stores in the UK and Ireland, and the last closures add to the 200 UK stores closed in the last three years.

  • Philip Green: What's wrong with his Topshop empire?

As part of the proposed restructuring announced earlier this week, Arcadia will close 23 stores and its contribution to the pension fund will be reduced by £ 50 million a year.

The measures are considered as a last effort on the part of society to avoid administration or dissolution.

As part of the salvage proposals, Arcadia will also reduce rents for 194 stores.

This agreement has not yet been approved by the owners, creditors and corporate officers of the company.

The company also plans to close its 11 Topshop and Topman stores in the United States.

"Difficult but necessary"

However, the pension regulator has expressed concern that the plans adequately protect employees' pensions.

And Friday, MP Frank Field urged Sir Philip to use his own money to support the pension fund of his troubled group.

Speaking earlier this week, Ian Grabiner, chief executive of the Arcadia Group, said the 23 store closures were "difficult, but necessary" to repair the business.

Last year, Sir Philip was involved in charges – strongly denied – of intimidation and inappropriate behavior.

He was also criticized for the disappearance of the BHS department store chain, which, after selling it for only £ 1, sank a year later.

[ad_2]

Source link