Arcadia has drawn up a list of almost 70 stores it wants to offload as it continues to consider launching a company voluntary arrangement.
Sir Philip Green’s fashion group will meet some of the UK’s largest landlords in the coming days to pore over the list of 67 sites.
According to the Financial Times, the list includes stores in some major shopping centres – including Newcastle’s Metrocentre and Meadowhall in Sheffield – and stretches across Arcadia’s Topshop, Burton, Dorothy Perkins, Miss Selfridge, Evans and Wallis fascias.
In total, the locations cost Arcadia around £11m a year in rent.
The fashion group has been working with Deloitte on possible restructuring options and last week drafted in property consultancy GCW to advise on its property portfolio.
Advisers have already started sounding out potential occupiers to take on the stores Arcadia wants to exit.
Retail Week understands that more formal negotiations with landlords over leases will take place in the coming weeks, which could potentially lead to a CVA.
Arcadia has admitted it is “exploring several options to enable the business to operate in a more efficient manner”.
Green’s fashion group operates around 570 shops across the UK, plus concessions in department stores including the embattled Debenhams.
New Look, which had a similar portfolio of 593 stores and was also advised by Deloitte, launched a CVA last year to shutter 60 shops and slash rents at almost 400 other locations.
Arcadia and Deloitte both declined to comment.