GREEN SHUTS UP TOPSHOP..
PHILIP Green’s Arcadia Group sparked jobs fears after it confirmed its Irish stores are among those marked for closure.
Four Dublin outlets, including two Topshops, are up for the axe in the retailers restructuring proposals.
In the UK, a further 17 stores, including Dorothy Perkins, Burton, Topshop and Topman outlets, have been earmarked for closure.
The retail group also wants to cut rent at another 194 outlets. It operates 566 stores in total.
The 23 stores in total identified for potential closure have 520 staff.
Arcadia said every effort will be made to redeploy them within the business and staff unable to be reassigned will be eligible for redundancy. Chief executive Ian Grabiner said: “Against a backdrop of challenging retail headwinds, changing consumer habits and ever-increasing online competition, we have seriously considered all possible strategic options to return the group to a stable financial platform. This has been a tough but necessary decision.
“We will ensure all potentially affected colleagues are kept fully informed as we seek approval from our creditors on today’s proposals.”
All stores will remain open and trading as normal while Arcadia seeks creditor approval for the proposals on June 5.
The other 349 locations and online sales channels will be unaffected.
Daniel Butters, Partner at Deloitte, said: “Arcadia and its portfolio have faced unprecedented market conditions, which have significantly impacted its financial performance.
“These arrangements will provide a stable platform for Arcadia to implement its turnaround plan and ensure long-term sustainability.”