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More Arcadia stores to close

Arcadia Group is to close 10 further stores across the UK in the coming three months. 

The closures are a result of lease expiries, and are separate from the retail group’s ongoing company voluntary arrangement, Drapers understands.

All but three of the stores to close are Topshop Topman branches. They comprise Wolverhampton, Newbury, Blackburn, Bolton, Aylesbury, Horsham, and Blackpool. 

The remaining three are Worthing’s Dorothy Perkins and Burton shop, Carmarthen’s Topshop Topman and Miss Selfridge store, and Ipswich’s Dorothy Perkins and Burton fascia. 

It follows news that Arcadia Group’s Topshop Topman flagship in London’s Westfield Stratford City will close in February as its lease expires.  

The store is also not part of the retailers seven CVAs, which were passed last June. As part of the CVAs, 23 stores closed across the UK and Ireland, Topshop and Topman’s retail operations in the US were placed into administration, and rents were slashed across the remainder of the portfolio. Alongside the CVAs, Arcadia planned to put two subsidiaries into administration, resulting in a further expected 25 store closures.

In December, Arcadia Group confirmed the refinancing of its £310m mortgage on Topshop’s flagship store on London’s Oxford Street. It was scheduled to expire last June but was extended as part of the group’s CVAs.

This came days after Topshop and Topman chief executive Paul Price resigned after just over two years in the role. 

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