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Sir Philip Green’s rescue deal means 48 stores are closed


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Topshop is considered the jewel in Arcadia’s crown

Sir Philip Green’s Arcadia retail empire has been saved by a rescue deal that will trigger the closure of 48 stores and a thousand jobs.

The plan, a Company Voluntary Arrangement (CVA), was approved by Arcadia’s creditors.

A meeting to vote on the deal was adjourned a week ago, but Arcadia’a landlords have now agreed to rent cuts, 23 store closures and 520 job losses.

Following the CVA, another 25 stores and another 500 jobs will be axed.



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