Sir Philip Green is reportedly splitting up Arcadia Group into separate brands in the hope of selling them “over time”.
Reports claim that the company, which owns brands including Topshop, Topman, Dorothy Perkins and Miss Selfridge, has already started “untangling shared functions such as human resources and IT”, but was waiting for its US legal challenges to be resolved before forging ahead.
The move is believed to be led by Arcadia chief executive Ian Grabiner.
It comes after Arcadia closed its Miss Selfridge flagship in July.
Arcadia denied the rumours: “Following the formal completion of the CVA process last week, the board is now fully focused on implementing its turnaround plan across all its brands. The article in The Sunday Times is wholly inaccurate and unfounded. It was written without any attempt to contact the company or any of its advisors.”