Business, UK News, US & Canada News

Topshop Set To Close A Further 23 Stores

Topshop Set To Close A Further 23 Stores
no comments
0
0

In what is probably the final attempt to stave off administration Arcadia Boss Philip Green has announced the closure of 23 stores to add to the  200 UK stores already shut over the past three years. Once among the flagships of UK High Street fashion the group is facing stiff competition from online retailers such as Asos and Pretty Little Thing. The closures are only part of the planned measures, which will also include seeking a cut in the rents payable on 194 stores in the Arcadia group. This can only be done via a Company Voluntary Arrangement (CVA), however, it is possible that the Pensions Regulator may object given the shortfall in the incumbent schemes.

Failure to reach an agreement will undoubtedly lead to either a breakup of the group or possibly full administration.

 

Topshop Bangkok Editorial credit: Champiofoto/Shutterstock.com

The Arcadia Group has 1,170 shops in 36 countries, the majority of which are concessions or franchises and it is not clear how they will be affected although it has been indicated that the company also plans to shut all its 11 Topshop and Topman stores in the US.

Skip to toolbar