// Sir Philip Green reportedly set to launch restructure of his Arcadia retail empire within weeks
// Follows reports that he drafted in advisers from Deloitte to review options
// One of the restructuring options could be a CVA
Sir Philip Green is reportedly poised to launch a restructure of his Arcadia Group retail empire as soon as next month.
According to Sky News, the retail tycoon is in the midst of preparing a financial restructure of his firm that could lead to a series of store closures and job losses.
Sky News added that the restructure could potentially be in the form of a CVA, although this would need approval from creditors such as landlords and the Pension Protection Fund.
Negotiations with landlords and stakeholders are also reportedly set to begin imminently.
Sources speaking to Sky News said plans for a restructure could still be shelved or delayed depending upon the progress of the negotiations.
The news comes after Green reportedly drafted in advisers from Deloitte earlier this year to produce a review of his retail empire.
He reportedly told the firm to devise a plan that could involve store closures and hundreds of job losses.
In response to a query from Retail Gazette, a spokesman from Arcadia Group confirmed that the company was in the process of “exploring options” but denied it would lead to a significant number of store closures or job losses.
“Within an exceptionally challenging retail market and given the continued pressures that are specific to the UK high street we are exploring several options to enable the business to operate in a more efficient manner,” the spokesman said.
“None of the options being explored involve a significant number of redundancies or store closures.
“The business continues to operate as usual including all payments being made to suppliers as normal.”
Earlier this week it was revealed that the BHS head office in London was sold to a property investment company for £44 million.
Arcadia Group used to own the now-collapsed BHS for 15 years until it offloaded it to Dominic Chappel for £1 in 2015, and the sale of its former headquarters was done amid reports of declining sales.
The company operates fashion retailers such as Topshop and Topman, Dorothy Perkins, Miss Selfridge, Burton, Evans and Wallis.