Arcadia draws up list of 67 stores proposed for closure
Sir Philip Green's retail empire Arcadia has drawn up a list of 67 stores it wishes to exit and is reported to be in talks with companies who may wish to take over the leases.
According to The Financial Times, the move will save the group around £11m in rent and the locations set to be close range from high streets to shopping centres.
Speculation remains high that the group will seek to enter a CVA to reduce its 570-strong store estate and cut costs. However Sir Philip's £2bn personal fortune and the belief that Arcadia is still profitable (although performance has been going downhill) are likely to be barriers to landlords and other creditors agreeing to a CVA.
Stores on the list for closure consideration, include branches of Topshop, Dorothy Perkins and Miss Selfridge in well-known shopping centres, such as the MetroCentre in Gateshead, as well as on provincial high streets.
The list of stores Arcadia is assessing for closure is likely to be longer than that which was seen by the Financial Times, industry sources suggest.