British fashion company will close establishments of Miss Selfridge and Evans, 23 of them in the United Kingdom, when the brands initiate an insolvency proceeding with its creditors.
Arcadia goes on with the closures. British fashion group has announced that will close twenty-five stores of its chains Miss Selfridge and Evans to pay the debts with the creditors and initiate an intern restructuration.
The closure of the twenty-five stores of Miss Selfridge and Evans has not a date, because the brands’ insolvency proceeding has not yet started. In concrete, the process will affect six Miss Selfridge’s stores and nineteen of Evans. Twelve of these establishments will close in the following months when the lease contract is due to finish.
Miss Selfridge and Evans’ closures are part of a global restructuration process of Arcadia. The group has begun this year the same procedure to close 67 Topshop’s stores, through and insolvency proceeding. Whether for Miss Selfridge as for Evans, the new strategy consists on “growing the wholesale, the digital and concessions businesses”, according to an Arcadia’s statement.
Arcadia closed the fiscal exercise with a drop of 42% of the operative benefit, reducing until 124.1 million pounds (143.6 million euros). On the other hand, group’s sales, including the chains’ ones, reduced a 5.6% compared to the same exercise of the previous year.