The extent of the decay in Sir Philip Green’s retail empire has been laid bare in documents posted as part of his plan to cut rents and close stores.
Proposals sent to landlords last week before an imminent company voluntary arrangement (CVA) show Green is considering selling or closing Arcadia Group’s international businesses, most of which are loss-making; Arcadia’s total sales slumped by 10.5% to £1.7bn in the year to last August, adn like-for-like sales fell by 7.5%.
If approved, the CVA would result in the closure of 57 stores.
