Sir Philip Green reported to be eyeing a dismantle of Arcadia retail empire
Sir Philip Green is poised to dismantle his sprawling Arcadia retail empire to prepare the way for a sell-off of some of the biggest brands on the high street, according to The Sunday Times.
Sir Philip Green poised to dismantle Arcadia retail empire
The retail mogul has denied the reports, which suggested the dramatic move has been fueled by a desire to offload well-known names including Topshop, Miss Selfridge and Dorothy Perkins having judged the value of its constituent parts to be higher than the business as a whole.
“Following the formal completion of the CVA process last week, the board is now fully focused on implementing its turnaround plan across all its brands
“The article in today’s Sunday Times is wholly inaccurate and unfounded. It was written without any attempt to contact the company or any of its advisors.”
However, the Times said Arcadia has reportedly already begun laying the groundwork for a break-up by splitting off shared services in IT and HR.
Arcadia has been beset by declining sales and profits amid increasingly fierce competition from online retailers which brought it to the brink of collapse in June, only to be saved by a debt agreement with creditors.
In 2015 Green offloaded the loss-making BHS for an undisclosed sum.