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Exclusive: Topshop Westfield Stratford store to close

Arcadia Group is closing its Topshop Topman flagship in London’s Westfield Stratford City.

The two-storey shop opened in September 2011 and is closing as the lease expires, Drapers understands.

The store was not part of the retailer’s seven company voluntary arrangements which were passed in 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 25 store closures.

On 13 December, Arcadia Group confirmed the refinancing of its £310m mortgage on Topshop’s flagship store on London’s Oxford Street. The refinancing was secured through US private equity firm Apollo Global Management.

The original mortgage was provided in 2014 by a syndicate of banks led by Royal Bank of Scotland. It was scheduled to expire last June but was extended as part of the group’s CVAs.

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

 

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