Sir Phillip Green, the owner of the Arcadia Group (Topshop, Dorothy Perkins, Burton, Miss Selfridge, Wallis and Evans) is put under pressure as young consumers are favoring online retailers e.g. Pretty Little Thing and Asos.
The increase of online shopping and rent costs on the Highstreet have resulted in a decrease of highstreet shopping.
The Arcadia Group is set to close 23 Topshop stores across the UK, putting 520 jobs at risk. The Pension Regulator worries that the pensions of the employee’s are not ‘adequately protected’. The support from the regulator is important if the group tried for a Company Voluntary Arrangement (CVA) approved.
The group also plans to close all of its Topshop and Topman stores in the US.
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