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Arcadia to close 12 more stores

Lauretta Roberts
16 January 2020

Arcadia is to close 12 more stores following tough trading over Christmas, it has been reported.

The Guardian has stated that Sir Philip Green's Topshop to Burton group will close stores in Wolverhampton, Newbury, Blackburn, Bolton, Aylesbury and Worthing, despite having agreed 70% rent reductions during its financial restructuring last year.

Further stores at Ipswich and Westfield Stratford had agreed to 40% rent reductions. The closure of Westfield Stratford has already been confirmed with sports giant JD Sports set to take over the site.

Other stores in Carmarthen, Horsham and Blackpool were not part of any rent reduction programme but the stores will close at the end of their leases.

The additional closures come on top of 23 closures agreed as part of Arcadia's CVA process, while a further 25 stores were closed through a different financial restructuring.

In addition the group has lost 26 concessions this year as a result of Debenhams closing 19 stores during January.

The newspaper report suggests that Arcadia may be considering a further restructuring process.

Its flagship brand Topshop has been hit by several high profile departures recently. CEO Paul Price left the business at Christmas to return to the US for personal reasons (he had previously been with Burberry for 10 years) while Buying Director Emma Fox and Merchandising Director Helen Wilson are also due to be stepping down later this year.

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