The group, owner of brands like Topshop, Topman, Dorothy Perkins and Miss Selfridge, is reportedly splitting up various brands to be able to consider a sale overtime.
Arcadia’s new move to save its empire. Sir Philip Green, owner of brands like Topshop, Topman, Dorothy Perkins and Miss Selfridge is reportedly splitting up various of its chains to consider a sale over time.
The group, that is in the middle of a restructuring process, already started untangling shared functions such as human resources and IT, according to The Sunday Times. Arcadia was waiting for the green light from its American landlords to start the action plan stated in its insolvency agreement (CVA), achieved last week though an out-of-court settlement.
The restructuration process includes more than 170 dismissals in its headquarters, the closure of twenty-three stores in Ireland and the United Kingdom and twenty-five stores in the United States.
Arcadia reduced its sales by 5.6% in its last fiscal year. Besides, the group that owns Topshop closed the period with a 42% drop in operating profit, falling to 124.1 million pounds (150.8 million dollars).