Philip Green's Arcadia to Close UK Stores, Review U.S. in Restructuring

British retail tycoon Philip Green’s Arcadia Group said on Wednesday it planned to close 23 of its 566 stores in the UK and Ireland in a major restructuring of the fashion business that could also see its Topshop/Topman stores close in the U.S.. Arcadia, which also runs fashion retailers Wallis, Miss Selfridge, Dorothy Perkins, Evans, Burton and Outfit, said it had instigated seven Company Voluntary Arrangements (CVAs), mechanisms that allow the business to avoid insolvency, Reuters reported. A string of British store groups have either gone out of business or announced plans to close shops over the last two years as they struggle with subdued consumer spending, rising labor costs, higher business property taxes and growing online competition. Read more