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Top shop owner Philip Green plans to close 23 stores in Arc TV shopping show hosts and product spokespeople have emerged as the ultimate influences in a day when the reliability and credibility of self-proclaimed and well-paid social media influences are in question. understands the importance of building and nurturing that relationship
Owner of TOP SHOP
Sir Philip Green‘s
Sir Philip Green‘s retail empire is planning to close 23 shops, putting 520 jobs at risk. Rent at 194 other locations will also be slashed as part of a rescue plan.
It came after Sir Philip, who has faced calls in parliament for him to be stripped of his knighthood, dropped off the Sunday Times list of billionaires.
His businesses were branded “worthless” amid pension struggles.
The decision to remove a knighthood would be taken by the Honours Forfeiture Committee, a Whitehall panel which has stripped honours from former RBS boss Fred Goodwin, and Rolf Harris.
Sir Philip Green’s Arcadia Group has struck a £310million deal to remortgage the company’s flagship Topshop and Topman store on Oxford Street in London.
The last-ditch lifeline secured with US-based private equity firm Apollo Management International means Sir Philip’s business will no longer have to raise fresh funds to stay afloat.
Back in June, Sir Philip narrowly secured creditors’ support for a rescue of Arcadia, with landlords agreeing to back a Company Voluntary Arrangement, which enables stricken firms to slash rents and shut shops, at the second attempt.
The June rescue plan gave Arcadia the green light to close around 50 stores, make 1,000 job cuts and cut rents on its property portfolio by up to 50 per cent.
Top Shop Lifeline:
- In June, Sir Philip narrowly secured creditors’ support for a rescue of Arcadia
- Arcadia’s future still hangs in the balance, expert tells This is Money
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