Stephen McNeice
Stephen McNeice

18.47 22 May 2019


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The Arcadia group fashion firm, owned by British mogul Philip Green, is proposing the closure of several Irish stores as part of a major restructuring effort.

The company - whose brands include Topshop and Dorothy Perkins - is set to shut 23 stores across the UK and Ireland as part of a series of company voluntary agreements (CVAs).

Those include stores in Dublin - branches of Topshop, Topman, Evans / Wallis and Miss Selfridge - as well as a Miss Selfridge store in Galway and a Dorothy Perkins / Evans outlet in Cork.

The retail group's proposals will also see rents cut at nearly 200 of their remaining outlets.

Explaining the plan, Arcadia chief executive Ian Grabiner said: "Against a backdrop of challenging retail headwinds, changing consumer habits and ever-increasing online competition, we have seriously considered all possible strategic options to return the group to a stable financial platform.

"Following constructive discussions with all key stakeholders, we believe that a CVA is a best course of action.

"This has been a tough but necessary decision for the business."

Arcadia has faced significant financial challenges in recent months, largely as a result of a massive mounting pensions debt.

Mr Green, meanwhile, is no longer a billionaire, after his fortune halved in a year according to a recent Sunday Times Rich List.

The compilers of the list valued the Arcadia Group as "worthless".

You can see the full list of potential Irish store closures below:

  • 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)

Additional reporting by IRN

Main image: File photo of Topshop store. Picture by: Yui Mok/PA Archive/PA Images

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