// Arcadia has shut down 12 stores since the beginning of January
// The Topshop store in Westfield Stratford is closing as the lease expires and is not part of Arcadia’s CVAs
// Since Christmas, Arcadia has also been forced to close 26 outlets inside Debenhams
Sir Philip Green’s Arcadia Group has closed down 12 stores in the wake of a tough Christmas, as it pushes on with its seven CVAs.
A total of 12 stores have shut down since it was revealed earlier this month that the Topshop and Topman store in London’s Westfield Stratford centre is closing down.
Since then Arcadia stores in Wolverhampton, Newbury, Blackburn, Bolton, Aylesbury and Worthing have closed down, The Guardian reported.
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The two-storey Topshop store in Westfield Stratford is closing as the lease expires and is not part of Arcadia’s seven CVAs.
The CVAs were passed in June after 75 per cent of creditors approved of the group’s plans.
The store closures come as a surprise as the landlords of these latter locations had initially agreed to 70 per cent rent cuts as part of the Arcadia’s restructuring process.
Other Arcadia sites in Carmarthen, Horsham and Blackpool are reportedly shutting down as their leases come to an end.
Since Christmas, Arcadia has also been forced to close 26 concessions inside Debenhams.
In the past year, Arcadia has axed a number of stores after its CVAs led to the closures of 23 sites.
There are reportedly expectations of further closures linked to the planned administration of the Evans and Miss Selfridge property arm.
Last month, Green secured a £310 million mortgage deal for his flagship Topshop store in London’s Oxford Street with the US private equity company Apollo Management International, which meant Arcadia would be able to keep the store open.