British fashion group Arcadia, which owns brands like Topshop and Dorothy Perkins, plans to cut 500 out of its headquarters staff of 2,500 because of the adverse impact of the novel coronavirus crisis. The cuts were essential to ensure it operated as efficiently as possible in ‘very challenging times’, the group owned by Philip Green said.

“Due to the impact of COVID-19 on our business including the closure for over three months of all our stores and head offices, we have today informed staff of the need to restructure our head offices,” the group was quoted as saying by British media reports.

Arcadia has been hit hard by the coronovirus lockdown, furloughing 14,500 of its 16,000 employees during lockdown. And the company was struggling long before the pandemic hit the United Kingdom.

The group was on the verge of collapse last June after creditors backed a rescue plan that involved the closure of 50 stores, 1,000 job losses and rent cuts of up to 70 per cent.

Fibre2Fashion News Desk (DS)

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