Topshop boss Philip Green could close over 100 Arcadia stores as the high street takes a battering
TOPSHOP owner Sir Philip Green could close more than 100 of his Arcadia stores as the high street takes a battering from the coronavirus crisis.
The retail tycoon is in discussions with landlords whose leases are due to expire and those with rolling breaks in their contracts.
It doesn't mean all stores in this position will close, but it is an option on the table.
Arcadia's brands include Burton, Dorothy Perkins, Evans, Miss Selfridge, Outfit, Topman, Topshop, and Wallis.
Potential closures aren't thought to be brand-specific, and there's no timescale on when they might happen as talks are currently on-going.
It follows the closure of 48 Arcadia stores as part of a rescue deal agreed last summer to save the struggling firm.
Retailers which could disappear from the high street
THESE retailers have all revealed problems in the last few weeks
- Brighthouse fell into administration at the end of March
- Cath Kidston has been put up for sale to save it from collapse, and administrators are also set to be appointed
- Debenhams entered administration earlier this month so it can continue trading but will close some stores
- Laura Ashley announced it was going into administration last month
- Oasis and Warehouse have gone into administration
- Shoe shop Office has been put up for sale
- TM Lewin has put itself up for sale
Half of major retailers in the UK face administration by the end of the summer as they struggle to manage cash flow during the coronavirus lockdown, a new report has suggested.
Most fashion retailers are classed as non-essential so they've been forced to shut by the government, although some have opted to keep websites open for online deliveries.
Arcadia's websites are still up and running as normal and some have big sales on in an attempt to get shoppers to buy.
But it has temporarily laid off 14,500 employees, mostly shop workers, after closing all stores due to coronavirus, and has applied for 80 per cent of their wages to be paid, up to £2,500 a month, by the government's furlough scheme.
Mr Green came under fire for asking for tax payer help with critics saying the millionaire should instead "sell one his yachts".
According to in 2019, Mr Green's private wealth totalled £950million.
A number of other retailers have also suffered in the past few weeks, including Debenhams, which entered administration for the second time in 12 months.
Just yesterday the department store said it plans to close seven stores cutting 422 jobs.
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Warehouse and Oasis have also gone under, with 1,800 workers furloughed.
While TM Lewin has put itself up for sale.
Arcadia declined to comment.