Log in to update your newsletter preferencesPlease Arcadia is made up of eight fashion brands, including Topshop and Dorothy PerkinsAnna Wintour, Sir Philip Green and Kate Moss attend the Topshop show at London Fashion Week in 2014The Kardashian Kollection for Dorothy Perkins launched in 2012 "Miss Selfridge could have evolved to be a purveyor of fast fashion glam quick fixes to rival Boohoo, but now it has zero fashion relevance and its flagship on Oxford Street is closing in July," explains Holt.Launched in 1966 as the young fashion section of Selfridges department store, Miss Selfridge has expanded into a network of 250 stores around the world.It is understood the brand's standalone stores, including its flagship Oxford Street site, will close and move into concessions in other Arcadia shops if the CVA is approved.Outfit is not a clothing brand in its own right, but rather a chain of out-of-town stores carrying various brands from the Arcadia group, plus Warehouse and Oasis in selected stores.We rely on advertising to help fund our award-winning journalism.We urge you to turn off your ad blocker for The Telegraph website so that you can continue to access our quality content in the future. The history of Arcadia Group: The rise and fall of Green’s empire. Arcadia had asked property owners to back a company voluntary arrangement (CVA) that would allow it to shut 23 stores and cut rents on others to help pay its bills, but of the seven individual restructuring proposals that creditors voted on, it is understood that all were rejected.Sir Philip was forced to reschedule last week's vote for today after he failed to convince landlords to fall into line.
But landlords baulked at proposed rent cuts of between 30 per cent and 70 per cent on 194 stores.Last week, a crunch vote on the plans was postponed after it became clear that Arcadia would not get the support of 75 per cent of creditors that was needed to push the deals through. they can to create a true meeting of independent Premium. The Telegraph values your comments but kindly requests all posts are on topic, constructive and respectful. Around 1,000 jobs to go as creditors vote in favour of rescue deal plansHowever, around 1,000 of Arcadia's 18,000 will lose their jobs as 23 stores close with a further 25 earmarked for future closure.
Even if Topshop and its sister chains can be saved, many creditors question whether Green is the person to do it. You can also choose to be emailed when someone replies The most insightful comments on all subjects try again, the name must be unique Labour MP Frank Field, chair of the Work and Pensions Committee, asked for a binding assurances that Sir Philip and his wife Lady Tina Green will personally promise that scheme members will get their full entitlement.Mr Field said: “Now that, thankfully, Arcadia’s life has been extended, the committee will try to ensure that the Pensions Regulator gets an effective programme in place to ensure that Arcadia staff receive in full the pensions that Sir Philip and Lady Green have promised them.”The retail magnate had initially offered Arcadia’s creditors a deal that would have seen 23 of 570 stores close with another 25 earmarked to shut in future. try again, the name must be uniquePlease
Arcadia closed its 550 shops a fortnight ago but, with no end to the high street shutdown in sight, said it had been forced to take the drastic step of standing down the majority of its staff. Due to the sheer scale of this comment community, we are not able to give each post There are no Independent Premium comments yet - be the first to add your thoughts Rejection of Arcadia's survival plan would push his house of mid-market fashion brands, including Topshop and Dorothy Perkins, into administration.So which chains are at risk? “I am confident about the future of Arcadia and our ability to provide our customers with the very best multichannel experience, deliver the fashion trends that they demand, and ultimately inspire a renewed loyalty to our brands that will support the long-term growth of our business.“Finally, I would like to thank all of our team and advisors for their support throughout the CVA process. Topshop and Dorothy Perkins owner Arcadia is ‘preparing to close a huge number’ of its 550 stores as coronavirus lockdown decimates Britain’s high streets - as Debenhams faces administration Just a couple are currently earmarked for closure under Arcadia's restructuring plans. Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today. real-world solutions, and more. Shop must-have dresses, coats, shoes and more. Independent Premium. Arcadia's roots can be traced back to 1903 when 18-year-old Lithuanian immigrant Montague Burton arrived in Britain and set up his eponymous menswear business in Chesterfield, which within six years had become an established chain of stores.Burton stores in Aberdeen, Reading and York are among those earmarked for closure under Arcadia's restructuring plans.A decade later, the Burton Group, as it was then known, decided that Peter Robinson and Topshop should be separated to target different demographics, and by the end of the 1970s the Peter Robinson brand had disappeared from the high street altogether.Topshop has long been the jewel in the Arcadia crown, the go-to clothing retailer for young shoppers thanks to its reasonable prices and high-profile collaborations with fashion icons such as Kate Moss, Beyoncé and Christopher Kane.Its success led to expansion in the US, and when the first Topshop in Manhattan's SoHo district opened, customers queued around the block to get their chance to pick up catwalk looks at high street prices.But over the past few years Topshop has lost its young customer base to Instagram-favoured, fast fashion brands such as Boohoo and Misguided, which are able to recreate looks seen on celebrities within a few days and flog them online for rock-bottom prices.Despite collaborations with plus-size role models such as Beth Ditto and Dawn French, She adds: "'Simply Be Free, Fierce and Fearless' reads Simply Be's Instagram bio while Evans' is a rather dull 'Discover on-trend fashion designed to fit and flatter.'" Read our community guidelines in full
Around 1,000 jobs to go as creditors vote in favour of rescue deal plans {{#sender.isSelf}} try again, the name must be uniquePlease His family’s £100m yacht, the Email already exists.
You’ve got more options so it’s easier to vote against it.“Not that many people are that emotional about it – there’s no tears for Philip Green.”A spokesperson for The Crown Estate said: “While we have voted in favour, we have done so to secure our ability to take control where we feel that a better offer can be delivered for our destinations. It has been incredibly challenging for all concerned but I believe this is the right outcome for all our creditors.”Enter your email to follow new comments on this article.Are you sure you want to mark this comment as inappropriate?Want to discuss real-world problems, be involved in the most engaging discussions and hear from the journalists? {{#replies}} He and his wife have taken vast sums out of the business in the past, including a £1.5 billion dividend in 2005, the biggest in British corporate history. continue to respect all commenters and create constructive debates.