Sir Philip Green's Arcadia Group has revealed plans to close 23 Dorothy Perkins, Burton and Topshop stores in the UK, putting 520 jobs at risk. Arcadia also intends to cut rents at 194 shops and close all 11 US Topshop and Topman outlets. The "tough but necessary" measures are part of a restructuring proposal that includes seven company voluntary arrangements, which must be approved by all Arcadia's landlords, pension trustees and the UK Pension Protection Fund. The last of these has already raised concerns about the robustness of the deal.
Sir Philip Green's Arcadia Group has revealed plans to close 23 Burton, Dorothy Perkins and Topshop stores in the UK, putting 520 jobs at risk. Arcadia also intends to cut rents at 194 shops and close all 11 US Topshop and Topman outlets. The "tough but necessary" measures are part of a restructuring proposal that includes seven company voluntary arrangements, which must be approved by all Arcadia's landlords, pension trustees and the UK Pension Protection Fund. The last of these has already raised concerns about the robustness of the deal.