As seen by the publication, stores of varying sizes across the UK and Ireland with a total annual rent of £11m are set to be shut. These include Burton, Topshop, Evans, Dorothy Perkins, Miss Selfridge and Wallis outlets.
According to the Financial Times, the stores marked for closures have been put to potential occupiers, suggesting they are in attractive retail locations and could be easily reassigned. Merry Hill in the West Midlands and the Metro Centre in Gateshead, both owned by Intu, and Meadowhall near Sheffield, which is owned by British Land are among the stores reportedly listed.
Earlier this month, Sky News reported that Sir Philip Green was considering proposing a CVA which would be launched in late April or early May. At the time, a spokesperson for the retail group said it was “exploring several options to enable the business to operate in a more efficient manner”.
A CVA will require approval not only from shareholders, but also The Pensions Regulator where Arcadia will have to show its ability to meet its pension contribution obligations.
Arcadia declined to comment.