Topshop in Fareham to close along with 23 stores across the UK
TOPSHOP in Fareham is set to close, as owner Arcadia Group announces plans to shutter shops across the country.
The company, owned by Sir Philip Green, has announced it will close 23 stores, putting 520 jobs at risk, as part of a rescue plan for business.
Stores to close include Burton, Dorothy Perkins and Miss Selfridge, with changing consumer trends and online shopping being blamed for the company’s troubles.
Ian Grabiner, chief executive of Arcadia Group, said: ‘This has been a tough but necessary decision for the business.
‘We will ensure all potentially affected colleagues are kept fully informed as we seek approval from our creditors on today’s CVA proposals.’
The closures come as part of a series of Company Voluntary Arrangements (CVA), a form of insolvency for trouble businesses. The arrangements will also see rents cut at another 194 stores as the company attempts to stave off administration or breakup.
The company's pension trustees and landlords, estimated to number in the hundreds, will be asked to agree to plan when it is put to them on Wednesday June 5.
More than 200 UK stores shut over the past three years as it struggles with a challenging market.
The Fareham branch of Topshop, which features a Topman outlet, can be found in the Fareham Shopping Centre, which has seen branches of Marks & Spencer and BHS shut in the last two years.
Topshop branches remain on Commercial Road, Portsmouth, and on Gosport high street, as well as in Whiteley Shopping Centre, with no announcement on how they will be affected by the plans.