{"id":167004,"date":"2020-07-27T07:44:00","date_gmt":"2020-07-27T07:44:00","guid":{"rendered":"https:\/\/www.theindustry.fashion\/arcadia-headed-for-another-restructure\/"},"modified":"2021-08-06T12:06:39","modified_gmt":"2021-08-06T12:06:39","slug":"arcadia-headed-for-another-restructure","status":"publish","type":"post","link":"https:\/\/www.theindustry.fashion\/arcadia-headed-for-another-restructure\/","title":{"rendered":"Arcadia headed for another restructure"},"content":{"rendered":"<p>Sir Philip Green's fashion retail empire. Arcadia, is reported to be <strong>on the verge of carrying out another restructure.<\/strong><\/p>\n<p><!--more--><\/p>\n<p>The group, which owns brands such as Topshop, Topman, Miss Selfridge and Burton, has submitted its proposals to the Pensions Regulator,<a href=\"https:\/\/www.thetimes.co.uk\/past-six-days\/2020-07-26\/business\/sir-philip-greens-arcadia-heads-for-overhaul-wdv65bpnj\" target=\"_blank\" rel=\"noopener noreferrer\"><em> The Sunday Times<\/em><\/a> has reported. The company <strong>has a deficit of \u00a3727m in its pension funds.<\/strong><\/p>\n<p>Last year the group <a href=\"https:\/\/www.theindustry.fashion\/breaking-arcadia-rescue-deal-approved-by-its-creditors\/\">secured approval from creditors for a series of CVAs<\/a> across its brands to enable it to close 50 stores and it also closed down Topshop's US business. A further 12 closures were <a href=\"https:\/\/www.theindustry.fashion\/arcadia-to-close-12-more-stores\/\">revealed in January.<\/a><\/p>\n<p>During the COVID-19 lockdown it <strong>announced 500 redundancies from the 2,500 staff at its London headquarters,<\/strong> while directors had all take pay-cuts during the crisis with CEO Ian Grabiner waiving ihis salary altogether.<\/p>\n<p>It has not been revealed what form the new restructuring might take but it has <a href=\"https:\/\/www.theindustry.fashion\/arcadia-stores-under-threat-of-permanent-closure\/\">previously been reported<\/a> that the 550-store group was in talks with landlords over\u00a0<strong>leases with rolling break clauses,<\/strong>\u00a0allowing the group to terminate a lease at any time during a term.<\/p>\n<p><a href=\"https:\/\/www.theindustry.fashion\/subscribe-now\/\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-146496 size-full\" src=\"https:\/\/www.theindustry.fashion\/wp-content\/uploads\/Banner.jpg\" alt=\"\" width=\"1200\" height=\"260\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p> [&hellip;]<\/p>\n","protected":false},"author":11,"featured_media":138967,"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":[16042,10585,6,10494],"tags":[10425,12748,12645,12747,10281,9665,12749],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Arcadia headed for another restructure - TheIndustry.fashion<\/title>\n<meta name=\"description\" content=\"Sir Philip Green&#039;s fashion retail empire. 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The group, which owns brands such\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.theindustry.fashion\/arcadia-headed-for-another-restructure\/\" \/>\n<meta property=\"og:site_name\" content=\"TheIndustry.fashion\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/theindustryfashion\/\" \/>\n<meta property=\"article:published_time\" content=\"2020-07-27T07:44:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-08-06T12:06:39+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.theindustry.fashion\/wp-content\/uploads\/2021\/07\/topshopshoppers-scaled-e1598343521198.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1230\" \/>\n\t<meta property=\"og:image:height\" content=\"820\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Lauretta Roberts\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@theindustryfash\" \/>\n<meta name=\"twitter:site\" content=\"@theindustryfash\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Lauretta Roberts\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.theindustry.fashion\/arcadia-headed-for-another-restructure\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.theindustry.fashion\/arcadia-headed-for-another-restructure\/\"},\"author\":{\"name\":\"Lauretta Roberts\",\"@id\":\"https:\/\/www.theindustry.fashion\/#\/schema\/person\/85b04a16eba8c6cd7a9534c5a4262b89\"},\"headline\":\"Arcadia headed for another restructure\",\"datePublished\":\"2020-07-27T07:44:00+00:00\",\"dateModified\":\"2021-08-06T12:06:39+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.theindustry.fashion\/arcadia-headed-for-another-restructure\/\"},\"wordCount\":175,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/www.theindustry.fashion\/#organization\"},\"keywords\":[\"Burton\",\"Evans\",\"Ian Grabiner\",\"Miss Selfridge\",\"TOPMAN\",\"Topshop\",\"Wallis\"],\"articleSection\":{\"0\":\"COVID-19\",\"2\":\"Finance\",\"3\":\"News &amp; Insight\",\"4\":\"Retail &amp; Etail\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.theindustry.fashion\/arcadia-headed-for-another-restructure\/#respond\"]}],\"copyrightYear\":\"2020\",\"copyrightHolder\":{\"@id\":\"https:\/\/www.theindustry.fashion\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.theindustry.fashion\/arcadia-headed-for-another-restructure\/\",\"url\":\"https:\/\/www.theindustry.fashion\/arcadia-headed-for-another-restructure\/\",\"name\":\"Arcadia headed for another restructure - TheIndustry.fashion\",\"isPartOf\":{\"@id\":\"https:\/\/www.theindustry.fashion\/#website\"},\"datePublished\":\"2020-07-27T07:44:00+00:00\",\"dateModified\":\"2021-08-06T12:06:39+00:00\",\"description\":\"Sir Philip Green's fashion retail empire. 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