Philip Green's Arcadia to close UK stores in restructuring plan

British retail tycoon Philip Green's Arcadia Group said on Wednesday it planned to close 23 of its 566 stores in the UK and Ireland in a major restructuring of his fashion business. Arcadia said it had instigated seven Company Voluntary Arrangements (CVAs), a mechanism that will allow the business to avoid insolvency.

Under the proposals, which will require the support of its stakeholders, Arcadia is also requesting a reduction in rental costs and revised lease terms across 194 locations. Arcadia said it has also commenced a process which may result in the closure of all 11 of its Topshop/Topman stores in the United States.