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Miss Selfridge in Bluewater set to close as Arcadia Group struggles

One of the 23 stores to close as retail giant Arcadia seeks to survive will be in Kent, it has been confirmed.

The Arcadia Group, owned by business tycoon Sir Philip Green, confirmed this week it was having to close a number of stores, and renegotiate rents on nearly 200 other outlets.

The only victim, so far, of the closure programme in the county, will be the Miss Selfridge outlet in Bluewater.

The Miss Selfridge in Bluewater has been ear-marked for closure
The Miss Selfridge in Bluewater has been ear-marked for closure

Its brands include Topshop, Burton, Wallis and Dorothy Perkins.

In total, the 23 stores ear-marked to close nationwide employ some 520 staff.

Arcadia chief executive Ian Grabiner said: "Against a backdrop of challenging retail headwinds, changing consumer habits and ever-increasing online competition, we have seriously considered all possible strategic options to return the group to a stable financial platform.

The Arcadia Group also owns Topshop
The Arcadia Group also owns Topshop

"Following constructive discussions with all key stakeholders, we believe that a CVA is a best course of action.

"This has been a tough but necessary decision for the business."

The CVA - a company voluntary agreement - will see creditors need to agree to longer repayment terms or negotiated in terms - in order to allow the businesses to continue.

A number of Burton and Dorothy Perkins store will be closing - but none, so far, in Kent
A number of Burton and Dorothy Perkins store will be closing - but none, so far, in Kent

The deal will need to be agreed before any closures are confirmed.

Arcadia has instigated seven CVAs in relation to certain group companies, alongside a comprehensive turnaround plan which it believes will return the business to growth after a "sustained period of declining trading performance".

Daniel Butters and Ian Wormleighton of Deloitte have been appointed as nominees to the CVA.

Read more: For the latest business news for Kent

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