Arcadia ‘to axe 200 stores’

SIR Philip Green is preparing to shut as many as 200 stores over the next two years amid signs his Arcadia retail empire is beginning to crumble.

The Mail understands that leases on around 200 shops are coming up for review over the next two years which Green, 67, may not renew.

Arcadia employs 22,000 staff in 570 stores, with brands including Topshop, Burton, Dorothy Perkins, Evans, Miss Selfridge and Wallis, as well as hundreds of concessions.

The plans are the latest sign that Green’s empire is struggling to fight back against an onslaught from online-only firms such as Asos and Boohoo, which have become hugely popular with younger shoppers. If the stores close, Arcadia will join a raft of retailers which are shutting shops.

More than 175,000 jobs are predicted to disappear from the High Street this year as retailers struggle with fierce competition and soaring costs such as business rates.

According to most recent figures published for Taveta, the holding company for Arcadia, profits at the group almost halved to £124m in the year in August 2017.

Topshop and Topman, once the jewel in Arcadia’s crown, racked up losses of almost £10.9m from a profit of £59m a year earlier.

Arcadia declined to comment. Green was unavailable for comment.