Topshop, Dorothy Perkins, Burton store closures: 23 stores closing down – is yours going?
As many as 520 jobs are at risk after Sir Philip Green’s retail group unveiled the shops earmarked for closure as part of a rescue plan.
The proposals, part of a company voluntary arrangement (CVA), will see rent cut at another 194 outlets to further reduce costs.
The group will also say goodbye to all 11 Topshop and Topman stores in the US.
As part of the plan, Lady Green, wife of Sir Philip and ultimate owner of Arcadia, has offered landlords a 20 percent stake of any proceeds if the group is eventually sold.
Lady Green will also inject £50million of equity into the business, on top of £50million she had already loaned the company.
Approval for the closures will be sought when Arcadia directors meet creditors at meetings on June 5.
In order to push through with the rescue plan, 75 percent of creditors will have to approve the store closures.
Arcadia 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.
We have seriously considered all possible strategic options to return the group to a stable financial platform
Ian Grabiner, Arcadia Group
“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.”
Daniel Butters, partner at Deloitte, said: “Arcadia and its portfolio of iconic fashion brands have faced unprecedented market conditions in recent years, which have significantly impacted the group’s financial performance.
“These CVAs will provide a stable platform for Arcadia’s experienced and committed leadership team to implement its turnaround plan and ensure the long-term sustainability of the group.”
UK AND IRELAND ARCADIA GROUP CLOSURES:
Aberdeen (Dorothy Perkins and Burton)
Ashton-under-Lyne (Topshop and Topman)
Bedford (Topshop and Topman)
Bluewater, Kent (Miss Selfridge)
Cork (Dorothy Perkins and Evans)
Dublin, St Stephen’s Green (Topshop and Miss Selfridge)
Dublin, Jervis (Topshop and Topman)
Dublin, Henry Street (Evans and Wallis)
Dublin, Liffey Valley (Wallis)
Fareham (Topshop and Topman)
Galway (Miss Selfridge)
Glasgow, Buchanan Street (Burton and Topman)
Luton (Topshop and Topman)
Newcastle, Northumberland Street (Outfit)
Nuneaton (Topshop and Topman)
Reading (Dorothy Perkins and Burton)
Salisbury (Topshop and Topman)
Southend (Miss Selfridge)
Stirling (Dorothy Perkins and Burton)
Swindon (Miss Selfridge, Wallis, Evans)
Swindon (Dorothy Perkins and Burton)
York (Dorothy Perkins and Burton)
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