Jun 12, 2019
Green secures rescue deal for Topshop empire
Sir Philip Green's Arcadia retail empire has been saved by a rescue deal that will trigger the closure of 48 stores and a thousand jobs. After a week's delay and five hours of discussion Arcadia's landlords finally agreed to rent cuts, 23 store closures and 520 job losses. Ian Grabiner, CEO of Arcadia Group, said he was "Confident about the future of Arcadia". Lady Tina Green, Sir Philip Green's wife and Arcadia's majority shareholder, has agreed to invest £50m of equity into the group, in addition to the £50m of funding already provided in March. "The agreed closures still leave Arcadia with an estate of around 500 stores which have been neglected for far too long and are now unable to match competition which moves in favour of experience-led shopping," she added.
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