{"id":161558,"date":"2019-05-27T19:48:32","date_gmt":"2019-05-27T19:48:32","guid":{"rendered":"https:\/\/www.theindustry.fashion\/arcadia-to-close-miss-selfridge-oxford-street-flagship\/"},"modified":"2021-08-12T13:56:38","modified_gmt":"2021-08-12T13:56:38","slug":"arcadia-to-close-miss-selfridge-oxford-street-flagship","status":"publish","type":"post","link":"https:\/\/www.theindustry.fashion\/arcadia-to-close-miss-selfridge-oxford-street-flagship\/","title":{"rendered":"Arcadia to close Miss Selfridge Oxford Street flagship"},"content":{"rendered":"
Sir Philip Green's Arcadia is planning to close the Oxford Street flagship branch of its Miss Selfridge<\/strong> chain and move the brand into a concession in the neighbouring branch of Topshop.<\/p>\n <\/p>\n The closure will take place this summer<\/strong> 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.<\/p>\n Miss Selfridge Oxford Street is believed to be one of the brand's few profitable stores<\/strong> 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.<\/p>\n News of the closure comes just ahead of Arcadia's proposed CVA being put to a vote with creditors and landlords<\/strong>. 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 \u00a3100m into the group and the offer of a 20% equity stake for landlords which can be realised in the event of a sale.<\/p>\n As part of the CVA Arcadia is seeking to close 23 stores, of which six are branches of Miss Selfridge<\/strong>, and is hoping to negotiate rent reductions on dozens of other locations.<\/p>\n The news of the flagship closure will fuel further speculation about the future of the Miss Selfridge brand.<\/strong> According to The Guardian,<\/em> last week Green placed the property holding companies of both Miss Selfridge and Evans into administration.<\/p>\n 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.\u00a0<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":" […]<\/p>\n","protected":false},"author":11,"featured_media":134524,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[10585,6,10494],"tags":[11120,12748,12747,14649,9665],"acf":[],"yoast_head":"\n