Arcadia Group store closures list – from Topshop, Dorothy Perkins, Topman and Burton – is your local store affected?
SIR Philip Green's Arcadia retail group has been saved by a rescue deal that will trigger the closure of 48 stores and a thousand jobs.
We have the full list of the stores that are closing. Find out if your local one is affected.
Has Arcadia been saved?
Arcadia Group’s creditors narrowly approved a drastic rescue deal on June 12, 2019.
As a result Sir Philip Green will have to shut 48 stores and axe 1,000 jobs.
Shops earmarked for closure include those belonging to popular high street brands Dorothy Perkins, Burton, Topshop, Topman, Wallis and Evans.
After a week delay and five hours of discussion, Arcadia's landlords agreed to rent cuts, 23 store closures and 520 job losses.
Once the plan is underway, another 25 stores and 500 jobs will be axed.
The company is using Company Voluntary Arrangements (CVAs) in a bid to save the retail empire - but stakeholders will have to agree on plans first.
Arcadia chief executive Ian Grabiner said: "Against a backdrop of challenging retail headwinds, changing consumer habits and ever-increasing online competition.
"We have seriously considered all possible strategic options to return the Group to a stable financial platform.
“Following constructive discussions with all key stakeholders, we believe that a CVA is the best course of action to reduce our fixed cost base and ensure we can continue meeting our commitments to pension trustees, staff, creditors."
The stores that are closing:
- Aberdeen (Dorothy Perkins/Burton Menswear)
- Ashton Under Lyne (Topshop Topman)
- Bedford (Topshop Topman)
- Cheshunt (Outfit)
- Bluewater (Miss Selfridge)
- Fareham (Topshop Topman)
- Glasgow – Buchanan Street (Burton Menswear/Topman)
- Luton (Topshop Topman)
- Newcastle upon Tyne - Northumberland Street (Outfit)
- Nuneaton (Topshop Topman)
- Reading (Dorothy Perkins/Burton Menswear)
- Salisbury (Topshop Topman)
- Southend (Miss Selfridge)
- Stirling (Dorothy Perkins/Burton Menswear)
- Swindon (Miss Selfridge/Wallis/Evans)
- Swindon (Dorothy Perkins/Burton Menswear)
- York (Dorothy Perkins/Burton Menswear)
- Cork (Dorothy Perkins/Evans)
- Dublin – St Stephen’s Green (Topshop/Miss Selfridge)
- Dublin – Jervis (Topshop Topman)
- Dublin – Henry Street (Evans/Wallis)
- Dublin – Liffey Valley (Wallis); Galway (Miss Selfridge)
It comes as M&S announced 25 branch closures, adding to 110 already announced by the retail chain.
On May 21, Jamie Oliver's restaurant empire announced it was going into administration.
LATEST MONEY NEWS
How much is Philip Green worth?
Sleazy tycoon Green is estimated to have lost his billionaire status with his fortune believed to have halved in a year amid a series of explosive scandals.
has his fortune free-falling £1.05billion in a year to £950million because of a pension black hole in his "crumbling" Arcadia empire.
But the plummet still places Sir Philip and wife Tina at 156th on the list, down from joint 66th some 12 months earlier.