Sir Philip Green to close 25 more Evans and Miss Selfridge stores
Image copyright Getty Images Sir Philip Green’s retail empire Arcadia will close twice as many stores as it announced earlier this week.
Arcadia, with brands including Topshop, Burton and Dorothy Perkins, initially announced 23 stores would close as part of a plan to rescue the struggling business.
Now it has emerged that a further 25 stores will shut, under separate insolvency proceedings.
Arcadia have been contacted for comment.
The latest round of closures will mainly fall on plus size clothing chain Evans, as well as six Miss Selfridge stores.
Arcadia currently has more than 560 stores across the UK and Ireland, and the latest closures add to the 200 UK stores shut over the past three years.
Under the proposed restructuring announced earlier this week, Arcadia will shut 23 stores and the company’s contribution to the pension fund is to be reduced from £50m a year.
The measures are seen as a final effort by the company to stave off administration or breakup.
Under the rescue proposals, Arcadia will also cut rents at 194 stores.
That deal has yet to be approved by landlords, creditors and the company’s pension trustees.
The company also plans to shut all its 11 Topshop and Topman stores in the US.
‘Tough but necessary’
However, the pensions regulator has said it has doubts that the plans will “adequately protect” the pensions of employees.
And on Friday, MP Frank Field urged Sir Philip to use his own money to support the pension fund of his troubled group.
Speaking earlier this week, Ian Grabiner, chief executive of Arcadia Group, said the 23 store closures were “tough but necessary” to mend the business.
Last year Sir Philip was embroiled in claims – strongly denied – of bullying and inappropriate behaviour.
He was also criticised over the demise of department store chain BHS, which, after he sold it for just £1, collapsed a year later.
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