Money: Sir Philip Green sets out a £135m overhaul to save Arcadia with stores refurbished and a website revamp - PressFrom - United Kingdom
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MoneySir Philip Green sets out a £135m overhaul to save Arcadia with stores refurbished and a website revamp

10:50  31 may  2019
10:50  31 may  2019 Source:   dailymail.co.uk

Green to unveil revamp of Topshop empire

Green to unveil revamp of Topshop empire The high street tycoon Sir Philip Green is to launch a make-or-break revamp of his Topshop empire that could see landlords handed a shareholding of more than one-third of the business. Sky News understands that Sir Philip's Arcadia Group is preparing to unveil a Company Voluntary Arrangement (CVA) restructuring by the end of the week - with an announcement possible as soon as Wednesday afternoon. City sources said that Arcadia's board was expected to press ahead with the plans despite continuing dissent from several stakeholders.

Sir Philip Green and his senior lieutenants have set out their plans to try to rescue the tycoon's Arcadia fashion empire in a letter to the group's 18 Around £ 75 million will be spent on refurbishing stores , some of which have become dowdy. The remaining £ 60 million will be used to upgrade the

Town Square looks like a movie set and has a diner, vintage car and old movie theatre which people can visit to reminisce about sights familiar to them. Sir Philip Green sets out a £ 135 m overhaul to save Arcadia with stores refurbished and a website revamp Last-ditch attempt to keep the

Sir Philip Green sets out a £135m overhaul to save Arcadia with stores refurbished and a website revamp Sir Philip Green attends the Unique autumn 2011 collection at the TS Venue in London on 20 February 2011. (Photo by Mark Makela/Corbis via Getty Images)

Sir Philip Green and his senior lieutenants have set out their plans to try to rescue the tycoon's Arcadia fashion empire in a letter to the group's 18,000 staff.

The strategy, which is part of a last-ditch attempt to keep the business afloat, is explained in an email sent yesterday by Ian Grabiner, the chief executive of Arcadia and one of Green's longest-serving managers.

The blueprint includes investing £135 million in the next three years in Arcadia's brands, including Topshop, Dorothy Perkins and Wallis.

Sir Philip Green's Arcadia Group confirms plans to shut 23 stores in move that puts 520 jobs at risk

Sir Philip Green's Arcadia Group confirms plans to shut 23 stores in move that puts 520 jobs at risk Topshop, Burton, Dorothy Perkins and Miss Selfridge branches across the UK have been earmarked for closure, as well as the company's Outfit, Wallis and Evans stores. The move is the second blow for Sir Philip this month after he lost his billionaire status in the Sunday Times Rich List. The retail group's chief executive described the move as a 'tough decision' made in a bid to save the business as more and more consumers opt to shop online.

Sir Philip Nigel Ross Green (born 15 March 1952) is a British billionaire businessman, and the chairman of Arcadia Group, a retail company that includes Topshop, Topman, Wallis, Evans, Burton

Sir Philip Green sets out a £ 135 m overhaul to save Arcadia with stores refurbished and a website revamp Last-ditch attempt to keep the Hollyoaks star Kelle Bryan reveals terrifying moment she was almost suffocated by a pillow while paralysed by lupus - and claims PRAYING saved her.

Around £75 million will be spent on refurbishing stores, some of which have become dowdy. The remaining £60 million will be used to upgrade the online operation.

Sir Philip Green sets out a £135m overhaul to save Arcadia with stores refurbished and a website revamp © Provided by Associated Newspapers Limited Sir Philip Green and his senior lieutenants have set out their plans to try to rescue the tycoon's Arcadia fashion empire Improvements are likely to include a VIP delivery service, where customers can order an outfit in the morning and have it in time to go out in the evening.

Green has also signed a partnership deal for Topman and Topshop clothes to be sold on the popular Asos website in the next few months.

Speaking to the Mail, Green said: 'The young fashion market has been under ferocious attack and there are other issues including business rates.

Sir Philip Green's flagship Miss Selfridge store in Oxford Circus could be among dozens of Arcadia shops to close

Sir Philip Green's flagship Miss Selfridge store in Oxford Circus could be among dozens of Arcadia shops to close Sir Philip’s Arcadia Group, which includes brands such as Topshop, Burton, Dorothy Perkins and Evans, has been hit by the wider crisis facing the high street as shoppers turn online. Last week Arcadia said it plans to close 23 stores in a restructuring process called a company voluntary arrangement, which allows it to renegotiate rents and shut under-performing shops. The plans will put at least 520 jobs at risk. And now it has emerged Arcadia will close another 25 stores – with the brunt of the closures being forced upon Evans and Miss Selfridge, which appeals to teenagers and young women.

Sir Philip Green sets out a £ 135 m overhaul to save Arcadia with stores refurbished and a website revamp Last-ditch attempt to keep the Hollyoaks star Kelle Bryan reveals terrifying moment she was almost suffocated by a pillow while paralysed by lupus - and claims PRAYING saved her.

Sir Philip Green sets out a £ 135 m overhaul to save Arcadia with stores refurbished and a website revamp Last-ditch attempt to keep the Hollyoaks star Kelle Bryan reveals terrifying moment she was almost suffocated by a pillow while paralysed by lupus - and claims PRAYING saved her.

'But I am not blaming anyone. We have clearly got things wrong or done things wrong. We have to repair the damage from the last couple of years.

'We are ready to work even harder to achieve that. We have a wonderfully loyal staff, many of whom have been with us in excess of ten years, and a fantastically loyal supply chain. There remains a lot of value in these brands.'

Arcadia, which is owned by Sir Philip's wife Lady Green, is trying to orchestrate a deal known as a Company Voluntary Arrangement (CVA) with its creditors. A CVA allows distressed businesses to reduce their debts and financial obligations, in order to avoid falling into bankruptcy.

Sir Philip Green sets out a £135m overhaul to save Arcadia with stores refurbished and a website revamp © Provided by Associated Newspapers Limited Arcadia's brands include Topshop, Dorothy Perkins and Wallis

Arcadia's profits have plunged from more than £200 million in 2016 to £30 million now. Although it is not burdened with debt, that level of earnings is not enough to service its payments to landlords and to cover the contributions it needs to make to its pension fund, which has a deficit of at least £300 million.

Sir Philip Green is charged with four counts of assault in the US after a pilates instructor alleged the Arcadia mogul repeatedly touched her inappropriately

Sir Philip Green is charged with four counts of assault in the US after a pilates instructor alleged the Arcadia mogul repeatedly touched her inappropriately Sir Philip Green has been charged with four counts of misdemeanour assault in the US after a pilates instructor alleged he touched her inappropriately.

Sir Philip Green sets out a £ 135 m overhaul to save Arcadia with stores refurbished and a website revamp Last-ditch attempt to keep the Hollyoaks star Kelle Bryan reveals terrifying moment she was almost suffocated by a pillow while paralysed by lupus - and claims PRAYING saved her.

Sir Philip Green ’s retail empire continues to feel aftershocks of BHS collapse.

Green wants to reorganise payments into the Arcadia pension fund, which looks after the nest eggs of 9,500 members. He is proposing to shut 23 stores in the UK and Ireland with the loss of more than 500 jobs and to pull down the shutters on his 11 shops in the US.

Insiders believe that if the CVA is agreed then Arcadia could return to profits of around £80 million a year. However, he needs the agreement of his creditors and The Pensions Regulator – which dismissed his initial pension proposals as inadequate – by early next month. If they refuse to sign off, then the business is likely to go under.

The Monaco-based mogul has come in for heavy criticism after his wife took a near-£1.3 billion dividend from Arcadia in 2005, money that some experts believe should have been invested in the business.

Sir Philip Green sets out a £135m overhaul to save Arcadia with stores refurbished and a website revamp © 2009 Chris Jackson LONDON, ENGLAND - SEPTEMBER 21: Sir Philip Green arrives at the 30 Days of Fashion And Beauty Gala Party at the Natural History Museum on September 21, 2009 in London, England. (Photo by Chris Jackson/Getty Images) His plans to revive his ailing Arcadia brands include a new 1.2m sq ft distribution centre in Daventry, Northamptonshire, kitted out with state-of-the art automation and technology and employing 200 people initially, rising to more than 800 next year. Green is also hoping to boost sales made through partnerships with other fashion retailers.

In the US he has secured backing from Pete Nordstrom, one of the bosses of the well-known family department store chain. Topshop and Topman have been selling through more than 100 Nordstrom shops in North America for seven years. Nordstrom said: 'We'll continue to work together to grow the business online and in our US stores.'

As well as his ambitions to conquer America, Green believes that, if Arcadia can get back on its feet, he can sell into the huge Chinese and Indian markets.

MSN UK are Empowering Happiness for mental health awareness month. Find out more about our campaign and the charities working to stop people falling into crisis here.

Irish jobs at risk as Philip Green's Arcadia Group to close ten shops in Dublin, Cork and Galway.
Irish jobs at risk as Philip Green's Arcadia Group to close ten shops in Dublin, Cork and Galway

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