All of the retailer’s 11 Topman and Topshop stores in the US are also set to close.
Arcadia chief executive Ian Grabiner said: ‘Against a backdrop of challenging retail headwinds, changing consumer habits and ever-increasing online competition, we have seriously considered all possible strategic options to return the group to a stable financial platform.‘We will ensure all potentially affected colleagues are kept fully informed as we seek approval from our creditors on today’s CVA proposals.’Arcadia has 566 stores in the UK and Ireland.
‘These CVAs will provide a stable platform for Arcadia’s experienced and committed leadership team to implement its turnaround plan and ensure the long-term sustainability of the group.’
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