The future of six Irish fashion stores owned by the Arcadia group remains up in the air after a crunch meeting on the firm’s future was adjourned for a week.
The company, which owns brands including Topshop and Dorothy Perkins, is set to shut 23 stores as part of a series of company voluntary agreements (CVAs).
The Irish stores facing potential closure include:
- Cork (Dorothy Perkins/Evans)
- Dublin - St Stephen's Green (Topshop/Miss Selfridge)
- Dublin - Jervis (Topshop Topman)
- Dublin - Henry Street (Evans/Wallis)
- Dublin - Liffey Valley (Wallis)
- Galway (Miss Selfridge)
The retail group is also proposing rent cuts at nearly 200 of its remaining outlets.
The company, owned by British fashion mogul Philip Green, said the restructuring process was a “tough but necessary decision for the business.”
This afternoon, it said it would spend the coming days in further dialogue with “a few landlords with a view to securing a final decision on the seven CVAs.”
Arcadia CEO Ian Grabiner said: “It is in the interests of all stakeholders that we adjourn today’s meetings to continue our discussions with landlords.
“We believe that with this adjournment, there is a reasonable prospect of reaching an agreement that the majority of landlords will support.”
Arcadia has faced significant financial challenges in recent months, largely as a result of a massive mounting pension’s debt.
It said it has now “secured the support of the pension trustees, the (UK) Pensions Regulator and the (UK) Pension Protection Fund, as well as the full backing of our trade creditors and a significant number of landlords.”