High Street

Philip Green reportedly preparing to break up Arcadia

Arcadia boss Philip Green is preparing to break up the retail group prepare for a potential sale of the brands, according to a report from The Sunday Times.

The reports states that Green has begun “laying the groundwork to split and sell parts” of the company over a “period of time”.

According to the report, Arcadia has already started to “untangle shared functions” such as IT and HR for the break up, with the work being handled by CEO Ian Grabiner.

The retail group approved a company voluntary arrangement (CVA) in June, allowing it to restructure and close over 23 stores, and putting up to 1,000 jobs at risk.

Arcadia is also in talks with US property firms Vornado and Caruso, after it persuaded the firms to drop their legal challenge against the CVA, which will see all 11 Topman and Topshop stores in the US close.

Retail Sector has reached out to Arcadia for comment.

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