Arcadia Group to close 48 stores

All seven CVAs have been accepted by Arcadia Group’s creditors in a last minute deal to avoid administration. The reorganisation will see 48 of Arcadia’s 570 UK stores close and rents reduced on up to another 200, with the loss of over 1,000 jobs. Sir Philip Green’s high street empire employs 18,000 people and includes the Topshop, Dorothy Perkins and Miss Selfridge brands.

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