Sir Philip Green’s fashion retail empire. Arcadia, is reported to be on the verge of carrying out another restructure.
The group, which owns brands such as Topshop, Topman, Miss Selfridge and Burton, has submitted its proposals to the Pensions Regulator, The Sunday Times has reported. The company has a deficit of £727m in its pension funds.
Last year the group secured approval from creditors for a series of CVAs across its brands to enable it to close 50 stores and it also closed down Topshop’s US business. A further 12 closures were revealed in January.
During the COVID-19 lockdown it announced 500 redundancies from the 2,500 staff at its London headquarters, while directors had all take pay-cuts during the crisis with CEO Ian Grabiner waiving ihis salary altogether.
It has not been revealed what form the new restructuring might take but it has previously been reported that the 550-store group was in talks with landlords over leases with rolling break clauses, allowing the group to terminate a lease at any time during a term.