Philip Green’s Topshop saved from collapse, but stores are in the firing line with 50 to close
PUBLISHED: 17:25 12 June 2019 | UPDATED: 16:25 13 June 2019
Retail giants Arcadia have won enough backing from landlords to push through a restructuring plan which will see its stores saved.
Sir Philip Green's empire includes Topshop, Topman, Dorothy Perkins, Miss Selfridge, and more, and has won backing from creditors to slash rent costs.
However although hundreds of stores will be saved 48 will be closing as part of the agreement.
MORE: The Bedlinen Co. closes in Norwich shopping mall after less than four months of trading
This puts 1,000 jobs on the line across the group.
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Under the CVA 23 stores will close, while another 25 will be shuttered as part of a wider restructuring.
Whether any of these will be in Norfolk is not yet known.
The region does have a quantity of Arcdia owned stores, including the Topshop and Topman store in Norwich's Haymarket, and Evans on Red Lion Street.
Burtons also has stand-alone stores in King's Lynn, Beccles and Great Yarmouth,
Dorothy Perkins, also owned by Arcadia, also has stores in Beccles, Norwich and Lowestoft.
The firm also has a number of concessions in Outfit stores, as well as Debenhams and House of Fraser, across the region.
Arcadia's chief executive Ian Grabiner said: "I am confident about the future of Arcadia and our ability to provide our customers with the very best multi-channel experience, deliver the fashion trends that they demand, and ultimately inspire a renewed loyalty to our brands that will support the long-term growth of our business."
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