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Sir Philip Green plans to halve pension payments

Sir Philip Green is planning to slash payments into the Arcadia Group staff pension fund to £25m a year as it seeks to restructure its financial operations, Sky News has reported.

The pension scheme is said to have a deficit of around £550m on a conventional-funding basis and £750m on a full-buyout basis.

The pension deficit at Arcadia was estimated to be £1bn in 2016.

Drapers has contacted Arcadia for comment. 

It comes after it was announced last month that Green wants to close a tranche of Arcadia’s 570 shops, possibly via a company voluntary arrangement (CVA), and cut rents by an average of 30% on the rest.

Green hired advisers from Deloitte to explore a raft of store closures in January. The group has 571 stores and 388 concessions in its UK portfolio.

Arcadia has reportedly closed 210 shops over the last two years – around one-fifth of its store portfolio.

Arcardia’s fascias include Burton, Topshop, Evans, Dorothy Perkins, Miss Selfridge and Wallis.

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