Philip Green Pledges £100 Million to Save His Arcadia Retail Empire

Philip Green is racing to secure the future of his retail group Arcadia, promising to invest £100m in the company as it seeks creditor support for what promises to be one of the most complex restructurings on the UK high street, the Financial Times reported. The owner of chains including Topshop and Dorothy Perkins is locked in tense negotiations with landlords and the pensions regulator over plans to cut rents and close a swath of stores in the face of sinking sales in its UK shops and persistent discounting by high-street rivals. Arcadia sales declined 15 per cent sales over the key Christmas season, according Kantar figures seen by the Financial Times. The rate of attrition has slowed to 5 per cent in the most recent 12-week period but that is partly because sales in the same period last year were hit by unusually cold weather. Two people party to the negotiations have said a company voluntary arrangement, a form of insolvency that is Arcadia’s preferred route to resolving its problems, is likely to entail seven separate schemes because of the way the company’s operations are structured. Read more