Belfast Telegraph

Sir Philip Green's Arcadia closing a further 25 stores in UK

Sir Philip Green
Sir Philip Green

By Staff Reporter

Landlords for Arcadia's Northern Ireland's stores could be asked to slash rents for the troubled fashion retail group.

It comes as Sir Philip Green's retail empire, which includes Topshop, Topman, Miss Selfridge, Dorothy Perkins, Outfit, Wallis and Dorothy Perkins looks set to shut twice as many shops than it announced last week.

Arcadia initially said it will close 23 stores. Now it has emerged that a further 25 stores will shut, under separate insolvency proceedings.

In its first announcement it was revealed that none of Arcadia's Northern Ireland stores would be impacted, but a week later it has been reported that further closures could affect its plus-size clothing chain Evans, as well as six Miss Selfridge shops.

In NI Arcadia has two Evans stores in Belfast and Newtownards and around 10 Miss Selfridge operations including in store concessions and those falling under its Outfit brand. The retail group's proposals will also see rent cut at another 194 outlets. All of the retailer's 11 Topman and Topshop stores in the US are also set to close.

As part of the plan to save the chain, Lady Green, ultimate owner of Arcadia and Sir Philip's wife, has offered landlords a 20% stake of any proceeds if the group is eventually sold.

She will also inject £50m of equity into the business, on top of £50m she had already loaned the company.

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