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Arcadia to close Westfield London stores

Arcadia is set to close a raft of stores at the Westfield London shopping centre including branches of Dorothy Perkins, Wallis, Evans and Burton.

Drapers understands Arcadia chose not to renew leases on the stores. They are expected to close on 23 June. 

Following the closures the only remaining Arcadia store in the west London shopping centre will be Topshop/Topman.

Last month Arcadia’s parent company Taveta Investments reported a drop in annual sales and profits in what was described as a “disappointing” year for the business.

The group saw a 42% drop in group operaitng profit before goodwill, amortisation and exceptional items, to £124.1m for the year to 26 August 2017.

Taveta had an exceptional charge of £29m, as a result of fixed asset impairments, provision for onerous leases and revaluation of investment properties.

 

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