Credit insurers are reportedly planning to cut cover for Arcadia Group for the second time, amid continued tough trading conditions on the high street.
Insurance firm Euler Hermes has written to clients saying that it plans to reduce levels of cover because of “weakening” consumer confidence and “deterioration” on the high street, The Sunday Times reports.
The insurer also cut cover to the group last year, as the accounts for the year to August 2017 demonstrated “a continued decline in revenues and profitability from continuing operations, impacted by [the] challenging trading environment.”
Arcadia Group and Euler Hermes declined to comment when contacted by Drapers.
The retail company owns Topshop, Topman, Wallis, Burton, Miss Selfridge and Dorothy Perkins, among others.