The latest Sunday Times Rich List at the weekend saw Arcadia boss Philip Green falling out of the billionaire’s club with the newspaper assigning no value to his controlling stake in the Arcadia fashion retail empire.
If we could be a fly on any wall, it would be the Arcadia boardroom on Tuesday with the board set to meet to talk about the future of the company’s various fashion chains in the UK and beyond, and its expected CVA.
As House of Fraser heads towards the first anniversary this summer of its failure and buyout by Sports Direct, there have been reports that landlords who agreed to rent-free deals are losing patience with the retailer
Budget fashion chain Select is reportedly preparing an administration filing, a move that would put 2,000 jobs on the line. The firm had already entered a CVA to reduce its rent bill and continue operating.
The embattled UK retail industry was dealt another blow on Friday after news emerged that Arcadia is considering a restructuring process which could result in significant store closures and job losses.
Malls owner Capital & Regional (C&R) is in talks with Debenhams about the “right-sizing of stores” as the department stores operator continues with its plan to close up to 50 (or 90, some reports say) of its locations.
Major London landlord Shaftesbury saw its portfolio value rising in the year to September as it shrugged off the wider UK retail downturn due to higher rents and its strength in areas such as Covent Garden and Carnaby.