GREEN HOLDS CRISIS MEETING AMID HIGH STREET TURMOIL
SIR Philip Green and directors of his Arcadia retail empire will today discuss its future amid a crisis on the High Street.
The Topshop tycoon, 67, is plotting a major overhaul of Arcadia’s portfolio, which is expected to involve the closure of around 50 shops.
A decision could be made as early as today on whether to proceed with the proposals, known as a company voluntary arrangement, according to Sky News.
Arcadia – which owns Topshop, Dorothy Perkins, Miss Selfridge, Burton, Evans and Wallis – will need the support of landlords, pension trustees and other stakeholders in order to push through the shake-up.
If Green fails to secure their support, a sale of the company is expected to be launched within weeks.
Brands such as Topshop and Miss Selfridge have struggled as younger shoppers flock to online rivals such as Asos and Boohoo instead.
Arcadia declined to comment last night.