Arcadia has opened a warehouse just for Topshop and Topman products, intensifying chatter around its intentions towards those and its other brands, but intended to support its Topshop wholesale ops, the company said.
Arcadia’s young fashion label Miss Selfridge saw losses widen to £17.5 million last year after it was forced to write down the value of loss-making stores. The brand also suffered a 15% decline in sales.
Arcadia has filed a new set of accounts at Companies House and it gives an insight into how bad trading has been at the business, with a swing to a loss last year. But it's talking up its growth focus for the future.
US landlord Vornado has suggested Philip Green and his Arcadia empire may have manipulated the results of a CVA vote by increasing its debt owed to suppliers, potentially undermining landlords’ power to block it.
Arcadia is moving fast following the approval of its CVA and it has said it will cut 170 jobs at its HQ. The company is “proposing to make some structural changes in order to support and deliver the turnaround plan.”
Arcadia revealed some details of its long-rumoured CVA plan late Wednesday afternoon with an exit from its US stores and closures in the UK and Ireland that will affect 520 jobs. It will also focus more on digital.