GOVERNMENT adviser Sir Philip Green will close up to 300 of his retail stores within the next three years.
Smaller stores in his empire, most likely from brands including Burtons and Dorothy Perkins, are expected to close. Some of these may be consolidated as Green focuses on growing Topshop, his core brand. It is speculated anywhere between 150 and 300 stores could face the chop.
The closures – equivalent to around 15 per cent of Arcadia’s portfolio – come as around 500 leases face renewal. Arcadia currently spans more than 2,400 stores across the country.
Green has recently expanded his business abroad, with a flagship Topshop opening in New York last year, opened by super model Kate Moss.
Arcadia last year reported profits of £214m, up 13 per cent, with revenues rising 2.7 per cent to £1.9bn.
Green last month identified millions of pounds being squandered through poor management of the government’s property portfolio.
Prime Minister David Cameron, who commissioned the report, said it “made for pretty chilling reading”.
Green’s appointment raised eyebrows because of his tax arrangements. Arcadia’s biggest shareholder is Taveta Investments, a UK-incorporated company that is controlled by Green’s wife, a Monaco resident. In 2005, his family saved a significant amount of tax relating to the payment of a £1.14bn dividend.
Green finished ninth in this year’s Sunday Times Rich List with the retail guru’s wealth rising £275m to £4.1bn.
Arcadia declined to comment.