Arcadia concessions to be hit by Debenhams store cuts in latest blow to Sir Philip Green
Hundreds of Arcadia concession stores are under threat after Debenhams revealed proposals to close 50 branches as part of a cost-cutting bid, in another blow for retail tycoon Sir Philip Green.
It comes after Topshop boss Green was named in parliament by Lord Peter Hain as the businessman that blocked The Telegraph reporting on allegations of sexual harassment and racial abuse.
Green has denied all allegations of unlawful sexual or racist behaviour after being named as the businessman at the centre of the scandal by the Labour peer under parliamentary privilege on Thursday.
The retail magnate, who has faced calls to be stripped of his knighthood following the accusations, slammed Lord Hain for the revelation, saying his “blatant disregard of a judgement made by three senior judges is outrageous.”
Debenhams, which stocks Arcadia brands Dorothy Perkins, Wallis, Evans, Miss Selfridge and Burton, confirmed plans to close up to 50 stores on Thursday as the embattled department store revealed a loss of almost £500m.
Around 350 of Arcadia’s 2,805 stores are Debenhams concessions, according to the Sunday Telegraph.
In 2016 the group closed 307 concessions within BHS stores after the high street department store went under.
Green was grilled by MPs over the part he played in BHS’ downfall after the company collapsed with a £571m pension deficit.
Green’s retail empire Arcadia reported a turnover of £1.9bn in its latest financial results to the year ended 26 August 2017, down from £2bn the previous year.
Arcadia did not respond to requests for comment.