Arcadia Closures

Arcadia Closures

SIR PHILIP GREEN has confirmed that he expects to close more than 250 Arcadia stores in the next three years as the company reports a profits drop of almost 40 per cent against last year.

"We have got - from my memory - 450 or 460 stores where leases expire in the next three years," Green said. "And I think on our latest summary we will close more than half of those on lease expiry. So I would say, I would expect us to close 250, 260. Now, there may be other opportunities that turn up that we might want to open. But certainly, in terms of our existing portfolio, currently that's our thinking."

Green did not reveal whether the company's high-performing Topshop or Topman stores would be affected, but revealed shoppers could expect heavy discounts this Christmas across the portfolio thanks to the mildest winter in years.

"It's been the hottest October and November in history," Green told the BBC. "Nobody can deal with that. Winter goods are tough. Trading conditions remain extremely challenging, with style, quality and value at the top of our agenda and more important than ever. I do believe everybody today is more financially aware than they've ever been in their life."

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Source : VOGUE - LAUREN MILLIGAN 24 November 2011