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Why Topshop Could Be the Next Retailer to Close Stores Footwear News

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Mar 15, 2019 11:37 AM 1+ mon ago

Why Topshop and Dorothy Perkins Could Be the Next Retailers to Close Stores

One of the biggest names of the U.K.'s high street could be the next victim of the rapidly changing retail environment.

Sir Philip Green's Arcadia Group -- which owns Topshop, Dorothy Perkins, Miss Selfridge and others -- is preparing for restructuring proceedings, which could include widespread store closures and job losses, inside sources told Sky News.

The group will likely propose a company voluntary arrangement (CVA) -- a U.K. insolvency procedure somewhat akin to Chapter 11 in the U.S.; both give companies temporary relief from creditors in order to reorganize in hopes of returning to profitability.

Sources told the publication that the proceedings could begin as soon as late April or early May, though 75 percent of Arcadia's stakeholders by debt value would need to approve the ...

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