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24/11/2011
Arcadia Announces Closure Of 260 Stores
Clothing group Arcadia, that owns outlets such as Top Shot and BhS has announced it will be closing just under 300 stores after disappointing sales results.
The group said it had experienced a 38% fall in annual profits of £52.4 million to £133 million, quoting "very tough times" in trading and blaming the mild weather for poor Autumn sales.
Commenting on the group's 2010 – 11 financial results, Chief Executive Sir Philip Green said: "We have seen a small reduction in like for like sales together with a 1.8% margin loss, having decided to maintain our prices and not to pass on any increases to our customers, absorbing such increases at a cost to the Group of £53m. Costs have continued to be controlled tightly."
Meanwhile, Mr Green told the BBC the group had around 450 stores where leases expired in the next three years and that they will close more than half of those on lease expiry.
The group employs around 44,030 people across a range of stores that also includes Burton, Dorothy Perkins and Miss Selfridge, operating 2,507 owned stores.
(DW)
The group said it had experienced a 38% fall in annual profits of £52.4 million to £133 million, quoting "very tough times" in trading and blaming the mild weather for poor Autumn sales.
Commenting on the group's 2010 – 11 financial results, Chief Executive Sir Philip Green said: "We have seen a small reduction in like for like sales together with a 1.8% margin loss, having decided to maintain our prices and not to pass on any increases to our customers, absorbing such increases at a cost to the Group of £53m. Costs have continued to be controlled tightly."
Meanwhile, Mr Green told the BBC the group had around 450 stores where leases expired in the next three years and that they will close more than half of those on lease expiry.
The group employs around 44,030 people across a range of stores that also includes Burton, Dorothy Perkins and Miss Selfridge, operating 2,507 owned stores.
(DW)
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