- Huw Hughes
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Sir Philip Green’s Arcadia is set to close its flagship Miss Selfridge
store in London this July as Green pushes forward with the restructuring of
his retail empire.
The flagship site will be leased to another retailer and Miss Selfridge
will move into a concession in the basement of Topshop next door. Arcadia
said in a statement: “Many of the Miss Selfridge staff at 216 Oxford Street
will relocate to support the new concession within the basement of the
Topshop flagship at 214 Oxford Street. We will make every effort possible
to redeploy remaining staff across other Arcadia Group locations within
London.”
Last week, Arcadia announced plans to close 23 stores in the UK and
Ireland as well as all 11 Topshop and Topman in the US as part of a company
voluntary arrangement (CVA). As part of the restructuring, Arcadia also
announced plans to halve its annual contributions to its pension scheme
from 50 million pounds to 25 million pounds.
Arcadia Group, which owns Topshop, Topman, Dorothy Perkins, Miss
Selfridge, Wallis, Evans and Burton, will be seeking creditor approval for
its proposed CVA at a meeting on 5 June.
Photo credit: Miss Selfridge, Facebook
