Reports are that Arcadia is looking to close between thirty and sixty of its stores in locations where it believes rents to be too high. The retail group has also come under scrutiny with the news that it has called in Deloitte to carry out a review of its business ahead of a restructuring exercise that could see it close a very much larger number of stores if lower rents cannot be agreed. Arcadia has around 570 UK stores along with concessions in department stores. The news has come as no surprise to sector insiders who had expected Sir Philip Green to begin to rationalise the Arcadia Group’s store portfolio last year.
Elsewhere it is being suggested that if a CVA is being considered by the group that its employee pension scheme is likely to come under intense scrutiny following the BHS scandal.
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