Arcadia to close up to 300 stores
British retail billionaire Sir Philip Green is looking to consolidate Arcadias business by closing up to 300 stores across the UK.
Smaller stores in his empire, most likely from brands including Burtons and Dorothy Perkins, are expected to close. Some of these may be consolidated as Green focuses on growing Topshop, his core brand. It is speculated anywhere between 150 and 300 stores could face the chop.
The closures which are equivalent to around 15 per cent of Arcadia’s portfolio come as around 500 leases are up for renewal. Arcadia currently operates more than 2,400 stores across the country.
Arcadia last year reported profits of £214m, up 13 per cent, with revenues rising 2.7 per cent to £1.9bn.
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