Arcadia Group confirms Westfield Stratford Topshop closure

Arcadia group has confirmed its Topshop and Topman sites at London Westfield Stratford City will close, Drapers reports.

The two-storey shop, which opened in September 201,  is closing as its lease comes to an end. The closure is not part of the companies seven CVAs which were passed in June.

The Arcadia group closed 23 Topshop and Topman sites across the UK and Ireland as part of the CVAs and rents were slashed across the remainder of its stores.

Alongside the restructure, Arcadia planned to put two subsidiaries into administration, resulting in a further 25 stores closing.

The group also confirmed the refinancing of its £310m mortgage on Topshop’s Oxford Street store in London, as it was secured through US private equity firm Apollo Global Management. 

A group of banks led by Royal Bank of Scotland provided the original mortgage in 2014, but it was scheduled to expire last June and was extended by Arcadia’s CVA.