It’s the first time in seven years that Arcadia points negative results. Specifically, the group closed its fiscal year 2018 with an operating loss of 138 million pounds (153.7 million euros).
Arcadia’s losses worse than expected. The British company, owner of brands like Topshop or Topman, has closed its fiscal year 2018 with an operating loss of 138 million pounds (153.7 million euros), compared to the benefit of 199 million pounds (221 million euros) in its fiscal 2017. It’s the first time in seven years that the brand registers losses.
Arcadia ended its fiscal year with a drop of 4.5% in its revenue, while its ebitda reduced 40%. The British group is the middle of a restructuration process.
In the last couple of months Arcadia has reached an agreement with its American creditors to start the action plan stated in insolvency agreement (CVA). 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.