Mar 15, 2019

Sir Philip Green's Topshop retail group 'exploring options'

Sir Philip Green is working on a turnaround plan for his Arcadia Group retail empire that includes Topshop and Miss Selfridge. There were reports earlier on Friday that Sir Philip was considering a company voluntary arrangement, a form of insolvency that would enable him to seek rent cuts and close unwanted stores. "Within an exceptionally challenging retail market and given the continued pressures that are specific to the UK high street we are exploring several options to enable the business to operate in a more efficient manner," Arcadia said. Many retail experts believe Topshop, Sir Philip's prize asset, has fallen out of favour with today's young consumers. Last year Sir Philip was embroiled in claims - strongly denied - of bullying and inappropriate behaviour.

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