Arcadia has sold its head office building. It has also replaced former chairman Karen Brady with Jamie Drummond Smith who has become interim chairman. Additionally, Peter Bloxham has been appointed to the board of the company as it acts to close further stores and reduce its annual payment commitment to the Arcadia pension scheme.
The retailer has been slowly but surely reducing its store estate by not renewing leases for the less profitable trading locations as they come up for renewal. The business had closed 234 stores in the year to August 26 2017 and is continuing the process. In common with many other fashion retailers, the goal is to substantially reduce the size of its individual brand chains.
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