Home   Kent Business   County news   Article

Topshop stores in Kent could close if Arcadia falls into administration

Sir Philip Green's Arcadia retail empire - which includes Topshop and Burton - could fall into administration today.

Creditors are due to vote on restructuring plans which would result in 23 stores closing and rents cut at another 194.

It was revealed last month this would include the Miss Selfridge shop in Bluewater.

Topshop stores would be under threat if Arcadia falls in administration
Topshop stores would be under threat if Arcadia falls in administration

But the rescue deal may be doomed after its second-biggest landlord indicated it would oppose the plans.

Intu Properties - which owns a number of UK shopping centres, including Lakeside - says it will not accept Arcadia's proposed rent cuts.

The group needs the support of 75% of creditors at a vote on its restructuring plan today to avoid going into administration.

If Arcadia was to fall into administration, 18,000 jobs would be under threat.

The company has Topshop stores in Bluewater, Canterbury's Whitfriars centre, in Maidstone's Fremlin Walk, Tunbridge Well's Royal Victoria Place and Westwood Cross in Broadstairs.

It also has concessions in Folkestone's Debenhams and House of Fraser in Bluewater.

The collapse would be another devastating blow to retail tycoon Sir Philip Green, who has battled to save his reputation after the collapse of BHS, which he sold for £1 a year earlier.

He later agreed to pump £363 million into the company's pension scheme.

For the latest business news, click here

More by this author

Close This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies.Learn More