Arcadia to close Miss Selfridge Oxford Street flagship
Sir Philip Green's Arcadia is planning to close the Oxford Street flagship branch of its Miss Selfridge chain and move the brand into a concession in the neighbouring branch of Topshop.
The closure will take place this summer and the fashion group has said it will attempt to redeploy as many staff as possible into the new concession or to other Arcadia locations throughout London.
Miss Selfridge Oxford Street is believed to be one of the brand's few profitable stores but Sir Philip is reported to believe that renting out the prime location to another retailer would be a more profitable move for the group.
News of the closure comes just ahead of Arcadia's proposed CVA being put to a vote with creditors and landlords. Sir Philip has been struggling to get landlords on board with the deal and has offered a number of incentives such as a promise to invest £100m into the group and the offer of a 20% equity stake for landlords which can be realised in the event of a sale.
As part of the CVA Arcadia is seeking to close 23 stores, of which six are branches of Miss Selfridge, and is hoping to negotiate rent reductions on dozens of other locations.
The news of the flagship closure will fuel further speculation about the future of the Miss Selfridge brand. According to The Guardian, last week Green placed the property holding companies of both Miss Selfridge and Evans into administration.
He is believed to be pursuing a strategy for the brands, which operate 107 stores between them, of expanding them by selling their products through concessions and through other retailers' stores and online outlets.