Sir Philip Green plans to close 23 UK stores with the loss of 520 jobs as part of a financial rescue plan for his retail empire, which takes in Topshop, Dorothy Perkins, Miss Selfridge, Wallis, Evans and Burton. The company is also asking landlords to accept rent cuts on up to 194 of its 566 UK and Irish stores in a rescue package that will involve the closure of all Topshop’s 11 US stores. If a deal is not approved, Green’s Arcadia Group, which employs about 19,000 people, could face administration. Ian Grabiner, the Arcadia chief executive, said the restructure was a “tough but necessary decision for the business”. He added: “We have in place a well-developed turnaround plan for the group, which includes driving cost efficiencies and managing the refreshed retail store estate and investing in the continued development of our multi-channel proposition and logistics.” The former billionaire Green’s business needs the support of landlordsto cut costs before its next rental payment in late June. The deal is controversial as Green’s family have taken more than £1.5bn in dividends and other payments out of Arcadia since buying it for £850m 17 years ago. The company’s sales and profits have… Read full this story
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