Philip Green’s Arcadia Group plans to shut 25 MORE Miss Selfridge and Evans stores putting another 500 jobs at risk

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Philip Green's Arcadia Group plans to shut 25 MORE Miss Selfridge and Evans stores putting another 500 jobs at risk



DISGRACED retail mogul Philip Green’s Arcadia Group plans to shut 25 more Miss Selfridge and Evans stores – putting another 500 jobs at risk.
On Thursday the firm confirmed it was planning on closing 23 stores which put 520 jobs at risk.
AFP or licensors Sir Philip Green’s Arcadia Group is now closing a further 25 shops
And today’s announcement is likely to send shockwaves through the company with a total of 1,020 jobs now in danger.
Shops earmarked for closure include those belonging to popular high street brands such as Dorothy Perkins, Burton, Topshop and Topman.
And the latest round of closures will hit clothing stores Evans and Miss Selfridge.
Six Miss Selfridge shops are set to shut.
CLOSURE
The retail group’s proposals will also see rent cut at another 194 outlets.
The company is using Company Voluntary Arrangements (CVAs) in a bid to save the retail empire – but stakeholders will have to agree on plans first.
It also plans to shut all 11 of its Topshop and Topman stores in the United States.
Arcadia chief executive Ian Grabiner confirmed the planned closure of the shops while blaming “changing consumer habits” and “online competition.”
This has been a tough but necessary decision for the business.Ian Grabiner
He said: “Against a backdrop of challenging retail headwinds, changing consumer habits and ever-increasing online competition, we have seriously considered all possible strategic options to return the group to a stable financial platform.
“This has been a tough but necessary decision for the business.
“We will ensure all potentially affected colleagues are kept fully informed as we seek approval from our creditors on today’s CVA proposals.”
It comes as M&S announced 25 branch closures, adding to 110 already announced by the retail chain.
Earlier this week, Jamie Oliver’s restaurant empire announced it was going in administration.FORTUNE HALVED
Sleazy tycoon Green is estimated to have lost his billionaire status with his fortune believed to have halved in a year amid a series of explosive scandals.
The Sunday Times Rich List has his fortune free-falling £1.05billion in a year to £950million because of a pension black hole in his “crumbling” Arcadia empire.
But the plummet still places Sir Philip and wife Tina at 156th on the list, down from joint 66th some 12 months earlier.
It comes after sustained criticism against Sir Philip and calls for him to lose his knighthood.
He was lambasted over the collapse of BHS, affecting 11,000 jobs, 19,000 pension holders and leaving a £571million in the pension scheme.
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The businessman, who sold the department store chain to Dominic Chappell for £1 before it plunged into administration, agreed to pay £363million towards the deficit.
Sir Philip has also faced a slew of allegations, including of groping a female executive and making a racial slur at an employee.
The Croydon-born entrepreneur denied his behaviour was criminal or amounted to gross misconduct.

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