Retail giant to close 23 stores, but Kirkcaldy branch is safe for now
Arcadia Group’s announcement that they are closing some of the biggest brands on the UK High street is a blow for town centres everywhere.
But Kirkcaldy High Street will remain unscathed by the closures.
Arcadia Group is putting 520 jobs under threat as it looks to close branches of Topshop, Topman, Dorothy Perkins and Burton.
The closures come as the company has struggled with a challenging retail market, forcing it to restructure its business to ensure long-term sustainability in a highly competitive environment.
The retail group is using Company Voluntary Arrangements (CVAs) in a bid to save its empire, but stakeholders will have to agree on plans first.
CVAs are a type of insolvency for troubled businesses which allows rent fees to be cut. There are seven in total and all must be approved by creditors.
As well as the 23 closures in the UK, the proposals will also see rent cut at another 194 outlets to further reduce costs.
Outlets in Glasgow, Newcastle, and Dublin are among those to face the axe, but Kirkcaldy High Street looks set to remain open.
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