British retail tycoon Philip Green's Arcadia Group said on Wednesday it pla...
LONDON - British retail tycoon Philip Green’s Arcadia Group said on Wednesday it planned to close 23 of its 566 stores in the UK and Ireland in a major restructuring of the fashion business that could also see its Topshop/Topman stores close in the U.S..
Arcadia, which also runs fashion retailers Wallis, Miss Selfridge, Dorothy Perkins, Evans, Burton and Outfit, said it had instigated seven Company Voluntary Arrangements , mechanisms that allow the business to avoid insolvency. CVAs have been adopted by UK retailers including fashion chain New Look, floor coverings group Carpetright, mother-and-baby goods firm Mothercare and department store Debenhams.
As part of the CVA proposals Philip Green’s wife Tina, the group’s shareholder, will invest a further 50 million pounds of equity into Arcadia to support its turnaround.
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