Ireland: Irish Topshop closures confirmed in the wake of Arcadia rescue plan - PressFrom - United Kingdom
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IrelandIrish Topshop closures confirmed in the wake of Arcadia rescue plan

01:40  13 june  2019
01:40  13 june  2019 Source:   extra.ie

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Group, which has 566 UK and Irish stores, is asking for rent cuts to help save the business.

Arcadia had offered to hand over the Topshop building to the pension fund trustees as part of a deal under which it wants to slash annual payments into Some also want a larger share in the proceeds from any sale than the 10% initially put on the table. While not all landlords agree on these demands

Irish Topshop closures confirmed in the wake of Arcadia rescue plan © Provided by Associated Newspapers (Ireland) Limited, t/a dmg Media Ireland Topshop Ireland Closures

The closure of several Topshop, Topman, Miss Selfridge, Evans and Wallis stores in Ireland has been confirmed following the approval of parent company Arcadia Group’s company voluntary arrangements (CVA) by its creditors.

Some 1,000 employees face losing their jobs following the announcement that 48 Arcadia-owned outlets in the UK and Ireland will be shuttered, including the Topshop/Miss Selfridge on St Stephen’s Green, the Topshop/Topman at the Jervis Centre, the Evans/Wallis on Henry Street and the Wallis at Liffey Valley Shopping Centre.

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If plan cannot be agreed, the retail magnate’s firm may face administration.

Reports the vote is close . If Arcadia ’s rescue plan doesn’t pass, big questions over what happens to the owner of brands like Topshop , Topman Green has promised landlords a 20% stake in the business and a £40m compensation fund in an effort to secure their backing. He also pledged to make

Irish Topshop closures confirmed in the wake of Arcadia rescue plan © Provided by Associated Newspapers (Ireland) Limited, t/a dmg Media Ireland Topshop Ireland Closures

Also listed for closure are Dorothy Perkins and Evans in Cork, and Miss Selfridge in Galway.

An initial 23 stores will be closed, involving 520 job losses, with plans in place for a further 23 closures, resulting in the loss of 500 jobs after Arcadia majority shareholder Lady Tina Green, wife of Sir Philip Green, agreed to invest £50m (€56.2m) to save the business.

Irish Topshop closures confirmed in the wake of Arcadia rescue plan © Provided by Associated Newspapers (Ireland) Limited, t/a dmg Media Ireland Topshop Ireland Closures

The rescue plan will see reduced rents of 25-50pc at close to 200 stores and ensure around 17,000 people keep their jobs.

We are extremely grateful to our creditors for supporting these proposals and to Lady Green for her continued support,’ Arcadia CEO Ian Grabiner said in a statement.

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Topshop owner Philip Green plans to close six stores in Ireland, and 17 in the UK, putting 520 jobs under threat, as part of a plan to rescue his Arcadia business. In a statement the company said: "No UK or Irish trading locations will close in the short term, and employees and suppliers will continue to

Arcadia , which has 570 shops , including Topshop , Topman, Dorothy Perkins, Burton, Miss Selfridge, Evans, Wallis and Outfit, was forced to postpone a vote on a rescue restructure The £9.5m deal with Arcadia landlords will work in the Green family’s favour if it allows them to put a lid on pensions liability.

‘After many months of engaging with all our key stakeholders, taking on board their feedback, and sharing our turnaround plans, the future of Arcadia, our thousands of colleagues, and our extensive supplier base is now on a much firmer footing.’

Arcadia has said it will invest £135m (€150m) over the next three years refurbishing stores, improving its website and building more distribution capacity.

Irish Topshop closures confirmed in the wake of Arcadia rescue plan © Provided by Associated Newspapers (Ireland) Limited, t/a dmg Media Ireland Landlords who voted in favour of the plan will share around £40m (€45m) from a compensation fund and take a 20pc stake of any equity value if the company is sold in future.

Lady Green will also provide an additional £100m (€112m) of cash into pension schemes to help bridge a shortfall in contributions, with funding of £25m (€28m) per year for the next three years plus an additional £25m contribution.

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Tycoon is considering using a company voluntary arrangement to rescue group. Sir Philip Green is working on a plan to turn around his ailing Arcadia high street empire, which could lead to job losses and store closures . Topshop , once the jewel in the crown, has fallen out of favour with today’s

Arcadia chief executive Ian Grabiner confirmed the planned closure of the shops while blaming “changing consumer habits” and “online competition.” The couple's stake in the company was last year valued at £750million, while the compilers also removed £300million from their worth to allow the

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