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Tag: Greens

Boohoo raid completes break-up of Green’s empire

Boohoo raid completes break-up of Green’s empire

Business
Boohoo Group is in advanced talks to acquire the remaining components of Sir Philip Green's high street empire in a deal that will accelerate the transition of famous British retail names to becoming online-only brands.Sky News has learnt that Boohoo is nearing exclusive negotiations to snap up the Burton, Dorothy Perkins and Wallis brands from the administrator to Arcadia Group. A deal is not certain to be agreed, according to people close to the proposed transaction, but could be announced as soon as next week if sufficient progress is made in the talks.Other parties remain interested in the three brands and could yet buy them if discussions with Boohoo fall apart, according to insiders.Boohoo is said to have indicated to Deloitte that it will pay little more than £25m for the trio of pr...
Agents kick off hunt to offload Green’s flagship Topshop store

Agents kick off hunt to offload Green’s flagship Topshop store

Business
The dismantling of Sir Philip Green's high street empire is about to accelerate after the appointment of agents to oversee the sale of the tycoon's former flagship Topshop store.Sky News has learnt that administrators to Redcastle (214 Oxford Street) Limited, which owns the central London property next to Oxford Circus station, have appointed Eastdil and Savills to advise on the site's future. A source close to the situation said on Friday that Eastdil would oversee the sale strategy for the building, while Savills would advise on future leasing options. Please use Chrome browser for a more accessible video player ...
Green’s retail empire could close over 100 stores

Green’s retail empire could close over 100 stores

Business
Sir Philip Green's Arcadia group is serving notice on landlords to walk away from more than 100 stores by the end of the summer. The fashion group owns brands such as Topshop and Dorothy Perkins and has 550 stores across the UK, but all are shut due to coronavirus restrictions. Arcadia was struggling before the pandemic. In 2019 it did a deal to survive with landlords to cut rents and close 23 stores - and 12 more closed this year.Like other retailers grappling with the fallout from deserted high streets and a collapse in sales, Sir Philip's retail empire has been thrown into turmoil. Most of his 16,000 staff are being paid through the government's furlough scheme and bosses are taking a pay cu...
Philip Green’s Topshop empire plunges to loss

Philip Green’s Topshop empire plunges to loss

Business
Sir Philip Green's Topshop retailing empire plunged to loss last year, blaming a "dramatically" changed retail landscape and increased competition.The business, which also includes Miss Selfridge and Dorothy Perkins, has since agreed a rescue deal with its creditors that triggered 48 store closures.The results for the year to 1 September 2018 show a loss of £169.2m compared with a £49.4m profit a year earlier.Turnover fell 4.5% to £1.8bn.The fall in turnover reflects "the ongoing challenging global market conditions for retailers", the company said.The results are for Taveta Investments, the holding company of the business owned by Sir Philip's wife Tina. If exceptional items and other one-off costs are stripped out the company made an operating profit of...
Rescue deal for Green’s Arcadia hangs in the balance

Rescue deal for Green’s Arcadia hangs in the balance

Business
The future of Sir Philip Green's high street retail empire hangs in the balance ahead of crucial votes on a rescue deal.Arcadia Group - the company behind the Topshop, Dorothy Perkins and Burton brands - needs the support of at least 75% of creditors in a series of ballots that were delayed last week because of significant opposition from landlords. The company could collapse as early as this evening if its plans for 50 store closures and rent cuts elsewhere are rejected.After suspending last week's vote, Arcadia said it would reduce the severity of its proposed rent reductions in a bid to win enough support. Image: Intu's exposure to Arcadia is mainly through Topshop trading sites But Sky News revealed on Tuesday how Intu Properties ...