Arcadia Plans Post-coronavirus Store Closures

Arcadia, the fashion empire controlled by Philip Green and his family, is likely to close dozens more of its UK stores, with the coronavirus pandemic compounding already difficult trading conditions, the Financial Times reported. “No decisions have been made at this time,” said a spokesman for the company. But the terms of a rescue plan agreed with its creditors in June last year provided for the possible closure of many more stores than the 22 initially earmarked. Arcadia temporarily closed all its remaining stores shortly before the UK government ordered all non-essential retailers to do so. Its ecommerce operation is still trading, although Arcadia generates a relatively small proportion of sales online compared to rivals such as Next. Its staff are being paid 80 per cent of their wages under the government’s furlough scheme. Read more