Home / Knowledge / News / Retail / Arcadia to close UK stores, review US in restructuring

Arcadia to close UK stores, review US in restructuring

29
May '19
British retail tycoon Philip Green’s Arcadia Group recently announced plans to close 23 of its 566 UK-Irish stores in a major restructuring of the fashion business that may also see its Topshop/Topman stores close in the United States. Arcadia said it had instigated seven company voluntary arrangements (CVAs), mechanisms that allow the business to avoid insolvency.

Arcadia also runs fashion retailers Wallis, Miss Selfridge, Dorothy Perkins, Evans, Burton and Outfit.

Several British store groups have either shut down completely or announced plans to close shops over the last two years as they struggle with subdued consumer spending, rising labour costs, higher business property taxes and growing online competition.

Under the proposals, which will require creditor approval, Arcadia is also requesting a reduction in rental costs and revised lease terms across 194 other UK and Ireland locations, according to British media reports. (DS)

Fibre2Fashion News Desk – India


Must ReadView All

NRF cautions USTR against additional tariffs on PRC goods

Apparel/Garments | On 26th Jun 2019

NRF cautions USTR against additional tariffs on PRC goods

The US National Retail Federation (NRF) recently urged the Office of...

Adverse measures may shut down textile units, Pak PM told

Textiles | On 26th Jun 2019

Adverse measures may shut down textile units, Pak PM told

Representatives of the Pakistani textile and garment export industry...

ICC envoy to UN presents recommendations on e-com at WTO

E-commerce | On 26th Jun 2019

ICC envoy to UN presents recommendations on e-com at WTO

Crispin Conroy, International Chamber of Commerce permanent...

Interviews View All

C Kamatchisundaram, Voltas

C Kamatchisundaram
Voltas

ITME is an occasion not only to receive new leads but also to work on...

Shiladitya K Joshi, Truetzschler India Private Limited

Shiladitya K Joshi
Truetzschler India Private Limited

India ITME provides a platform to interact with our stakeholders

Nitin Soni, Dolphin Jingwei Machines

Nitin Soni
Dolphin Jingwei Machines

Taxation policies need to be made simpler

Sham Shah,

Sham Shah

Shamal and Shamal Pvt Ltd is into manufacturing and sales of textile...

Sugandha Bhardwaj,

Sugandha Bhardwaj

<div>New Delhi-based Brinjal Designs Pvt Ltd manufactures home furnishing...

Umang Banthia,

Umang Banthia

Established in 2005, SL Banthia Textiles manufactures coated fabrics....

Isabel Herranz, European School of Business & innovation

Isabel Herranz
European School of Business & innovation

Cutting-edge ideas like the Internet of Things and artificial intelligence ...

Silke Brand-Kirsch, Schlegel und Partner GmbH

Silke Brand-Kirsch
Schlegel und Partner GmbH

<div>Schlegel und Partner is the market research and consultancy company...

Robert Erichsen, Statex Produktions & Vertriebs GmbH

Robert Erichsen
Statex Produktions & Vertriebs GmbH

Statex Produktions &amp; Vertriebs Gmbh, founded in 1978 and headquartered ...

Pranav Mishra, Huemn

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Adriano Goldschmied, AG Jeans

Adriano Goldschmied
AG Jeans

The hype around 'designer jeans' was created by him. And the new wave of...

Seema Agrawal, Artisan Saga

Seema Agrawal
Artisan Saga

Artisan Saga, founded by Kaushik Rajani and Seema Agrawal, is an online...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


June 2019

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search