Sir Philip Green is edging closer to a radical restructuring of his Arcadia retail empire in a move that could result in significant stores closure and job losses.
The retail billionaire and his advisers are understood to be in talks about entering a company voluntary arrangement (CVA), an insolvency process that would require the approval of creditors, Sky News reported.
The company confirmed it was reviewing the business. “Within an exceptionally challenging retail market and given the continued pressures that are specific to the UK high street we are exploring several options to enable the business to operate in a more efficient manner,” Arcadia said.
“None of the options being explored…