Arcadia’s chief operating officer has stepped down after more than 25 years with Sir Philip Green’s retail empire.
David Shepherd, who took on the operating chief role in 2012 and was previously a director at Topman, retired at the end of last month.
His departure comes after Baroness Karren Brady in February resigned from her role as chairman of Taveta Investments, the holding company that owns Arcadia. Non-executive director Sharon Brown also stepped down at the same time.
Arcadia, which owns high street brands such as Topshop and Dorothy Perkins, is currently undergoing a restructuring process.
It was reported over the weekend to be preparing to sell off its brands, however, spokesperson for the company said on Sunday that the reports were “unfounded” and that Arcadia is focused on implementing its recently agreed rescue plan.
In June, the retail group narrowly secured creditor approval to implement a company voluntary arrangement, giving Arcadia the green light to close 23 stores and secure rent reductions at nearly 200 stores.
The plan was delayed after Vornado, which owns two Topshop stores in New York, and Californian property firm Caruso filed a legal challenge against the CVA.
Both US landlords withdrew their challenges last week, allowing Arcadia to push ahead with implementing the plan.
“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,” an Arcadia spokesperson said.
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