Topshop Parent Company Arcadia Set To Close Up To 260 Stores After Dip In Profits

Posted: 24/11/11

Philippa Warr

Follow: Arcadia, Fashion, Philip Green, Sir Philip Green, Topshop

Arcadia - the retail giant behind high street favourites like Topshop, Miss Selfridge and Dorothy Perkins - has reported a fall in annual profits of 38% (around £81.5 million) meaning we can expect to lose up to 260 of the group's stores over the next few years.

Topshop parent company Arcadia set to close up to 260 stores after dip in profits Photo: PA

Arcadia boss Sir Philip Green explained the figures, attributing around £53 million of the loss to a VAT increase the company had decided not to pass on and admitted that the rest was due to a decline in sales year-on-year.

Speaking with the BBC, Sir Philip admitted that although this year had already seen the closure of 60 Arcadia outlets, further stores were at risk:

"We have got - from my memory - 450 or 460 stores where leases expire in the next three years. 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."

Worrying news for the many Arcadia group employees for sure but does it reflect the way we shop now?

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Even if your local store is closing down, you can still shop Topshop online at MyDaily store: