Sir Philip Green’s retail empire will close all Topshop stores in the United States as part of a proposed rescue package that faces opposition from landlords and the Pensions Regulator.
Green, 67, had said previously that he wanted to build a “billion-dollar business in America”, but he is being forced to restructure his Arcadia group as sales fall sharply in its shops.
Arcadia, which owns Topshop, Dorothy Perkins and Miss Selfridge, also intends to close 23 stores in the UK and Ireland as part of the plan, putting 520 jobs at risk.
The Telegraph reports that Green and his wife have offered to pump £100m into Arcadia’s pension scheme in a desperate bid to win backing for the radical restructuring of their retail empire.
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