The future of Sir Philip Green’s empire is hanging in the balance as industry insiders say a planned rescue may struggle to win approval from landlords.
Board directors of Green’s Arcadia group, which owns a string of high-street chains including Topshop, Topman, Miss Selfridge, Dorothy Perkins and Wallis, were locked in an all-day meeting on Tuesday attempting to agree a way forward for the group.
Arcadia’s advisers at Deloitte are understood to be pushing ahead with plans for an insolvency process that would involve rent cuts and the closure of about 50 of the group’s 570-plus stores. Details could be announced within days.
