Major retail group Arcadia has announced it will close up to 250 of its stores over the next three years, as their leases expire.
The retail giant owns Topshop, Topman, BHS, Dorothy Perkins, Burton, Evans, Miss Selfridge and Wallis.
The group’s UK like-for-like sales have fallen by almost 40% this year compared with last. Owner Sir Philip Green has said that the decision to maintain prices for customers while costs rise has cost the group £53m.
He said: “Trading conditions remain extremely challenging, with style, quality and value at the top of our agenda and more important than ever.”
Despite the declines, Sir Philip is positive about the future of Arcadia: “We remain a strongly cash generative business, enabling us to continue to invest in all of our Brands. We have invested £113m in the last financial year, bringing our total investment over the last 5 years to in excess of £550m.”
The group owns 2,507 stores, keeping 44,030 people in employment.
Sir Philip said: “I would like to thank all Arcadia and BHS personnel for their commitment, energy and enthusiasm and our customers for their continued loyalty in shopping across our various high street brands.”