Topshop and Burton have announced the closure of up to 260 stores. others to follow??

Channel Island high streets could change dramatically over the next few years, as the owners of retail giants Topshop and Burton have announced the closure of up to 260 stores.

Arcadia group also own Topman, BHS, Miss Selfridge, Wallis and Dorothy Perkins and say the closures will be put into place in the next three years - though no locations of shops have yet been revealed.

The company say the move is due to a plunge in annual profits of 38%, equating to £133 million.

Jersey's highstreet has almost every Arcadia brand shop, with Topshop, Topman, Burton, Dorothy Perkins, Miss Selfridge, Wallis and Evans. Any closures would have a big impact on the look of the town centre and if shops are closed, could affect many jobs.

In Guernsey, there is a Burton, Dorothy Perkins and Miss Selfridge.

The good news for shoppers in the short term is that there will be big reductions in those stores over Christmas.

Arcadia boss, billionaire, Sir Philip Green has said the closures would come as store leases came up for renewal.

As well as the fragile financial climate, the fall in profits is being put down to the actual weather. An unusually warm October and November, has meant that new winter clothing has not been snapped up.
(from BBC)

Not Good...

I cannot accept that making a reduced profit is justification for wholesale closure of stores, putting hundreds out of work. They made £133 million PROFIT for Gawd's sake. Making any kind of profit these days is an achievement.



I don't suppose Mr Green will be among the redundencies will he.

miss selfridge is a creasey franchise so should be ok....

kingcolemk wrote:I cannot accept that making a reduced profit is justification for wholesale closure of stores, putting hundreds out of work. They made £133 million PROFIT for Gawd's sake. Making any kind of profit these days is an achievement.



I don't suppose Mr Green will be among the redundencies will he.

Trouble is its the "Group" that has made the profit, so the loss making parts have to be sorted before they drag the "Group" beyond repair...

I read that as being what the loss was....

The company say the move is due to a plunge in annual profits of 38%, equating to £133 million.

just re read the piece karma and you are right my friend xx

That makes it a darn sight worse. If £133 million represents 38% of last year's profits then this year's profit must have been about £300 million !



Greedy bastards.

I agree - they should be bankers!