Sir Philip Green calls in advisors to review Arcadia

7135
Philip Green
// Sir Philip Green has called in advisors from Deloitte to review his Arcadia Group retail empire
// Could lead to 200 Topshop, Miss Selfridge, Burton and Dorothy Perkins store closures
// Arcadia currently runs over 1000 stores and concessions, employing around 20,000

Sir Philip Green has reportedly drafted in advisors from Deloitte to produce a review of his Arcadia Group retail empire.

According to The Sunday Telegraph, the business magnate told the firm to devise a plan that could involve store closures and hundreds of job losses.

Retailers owned by Arcadia include Topshop and Topman, Miss Selfridge, Evans, Wallis, Burton and Dorothy Perkins.

The review could potentially shed around 200 stores as the leases approach their 2020 expiry date.

The Telegraph said the leases’ expiry dates reportedly prompted talks between Arcadia and its landlords.

It means the retail giant could leverage the dates to improve efficiency in its portfolio or push for reduced rent costs on new lease agreements.

Arcadia has reportedly closed 210 shops over the last two years, representing around a fifth of its total store estate.

Meanwhile, Arcadia’s latest financial accounts reveal that it paid out £183 million in lease payments on annual sales of £1.9 billion.

Arcadia currently runs over 1000 stores and concessions, and employs around 20,000 staff across the UK.

Meanwhile, according to The Telegraph, Arcadia’s Topshop fascia reportedly suffered a decrease as low as 20 per cent in like-for-like sales over the Christmas trading period.

It comes after Green was embroiled in a major scandal involving sexual harassment and bullying in the final quarter of 2018, which led to campaigns to boycott his stores.

Click here to sign up to Retail Gazette‘s free daily email newsletter