Sir Philip Green set to axe jobs and stores in vast Arcadia restructure
Sir Philip Green is set to close vast numbers of Top Shop, Dorothy Perkins and Miss Selfridge in a huge restructure of his Arcadia retail empire, it is reported.
Read more: Philip Green closes 210 Arcadia stores over two years
The high street billionaire is preparing a company voluntary arrangement (CVA) that could result in significant job losses, Sky News reported.
Green’s famous high street brands would bear the brunt of the losses, Sky said, but the CVA would need approval from creditors including landlords and the Pension Protection Fund.
Landlords are set to engage with the business over the next few weeks, with indications that Arcadia boss Ian Grabiner plans to launch the restructure in late April or early May.
Green is reported to be in discussions with The Pensions Regulator over the CVA, which was involved in securing £363m from the retail magnate to fund BHS’s pension scheme deficit in 2017.
The prolonged dispute over BHS means the regulator would only allow a CVA if it believed the restructure would improve Arcadia’s ability to meet its pension contribution obligations, sources told Sky.
Read more: Philip Green's Arcadia concessions to be hit by Debenhams store cuts
Arcadia currently pays around £50m into the scheme to plug a deficit revealed to have hit £565m in 2017.