Not Quite Deathwatch: Arcadia profits tumble and 260 stores to close
If you’re a worker in an Arcadia store, you’re probably not having the best of days. That’ll be mainly because your company’s owner, Sir Philip Green has just announced that he’ll be closing down about 260 stores over the next three years. You all have a good day now.
Green has revealed the store closures through the national media along with a 38% drop in full year profits in the year to August. Arcadia, who include Top Shop, BhS, Burton, Dorothy Perkins and Miss Selfridge, still managed to make a fairly decent profit of £133m, but it’ll be curtains for some stores once their leases expire over the next three years.
Green, who is a government adviser and notorious tax scamp, is blaming the drop in profits on the warm autumn weather. You remember, when no one needed any clothes because we were all running around naked in the ‘autumn heat’.
The Arcadia boss said: “Trading conditions remain extremely challenging, with style, quality and value at the top of our agenda and more important than ever. Additionally, the warmest October and November on record have made autumn trading much tougher.” Yeah, but the figures go up until August. You dick.
TOPICS: High Street News