Topshop and Arcadia boss Philip Green to close 250 stores

Sir Philip Green, boss of the Arcadia group, including high street brands Topshop and Miss Selfridge, has announced he will be closing 250 stores

Sir Philip Green, boss of the Arcadia group, including the high street brands Topshop and Miss Selfridge, has announced he will be closing 250 stores due to a drop in profits.

British billionaire Philip Green has announced that Arcadia will be closing between 250-260 stores in the next three years due to a 40 per cent drop in profits.

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Green also said Christmas shoppers can expect his stores to continue to offer great savings on clothing prices in the run-up to the festive season as they attempt to shift winter stock left by unseasonably warm weather.

'It's been the hottest October and November in history. Nobody can deal with that. Winter goods are tough,' he told the BBC at his flagship Topshop store on London's Oxford Street.

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With unsold coats, knitwear, boots, and the most lucrative winter wear, Green said stores would be heavily reducing winter goods by 40 per cent

As for our spending habits, Green said he doesn't expect much change, though he added: 'I do believe everybody today is more financially aware than they've ever been.'

Sir Philip, whose family is ranked 13th on the Sunday Times rich list, with an estimated fortune of 4.2 billion pounds, said he still hopes to grow the Topshop brand globally.

A second flagship US Topshop store was opened in Chicago in September and a third will follow in Las Vegas in March, with possibly LA and stores in China to follow.

We're sure that the women of the world will take Topshop to their hearts just as much as we have.

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