Arcadia sales slump as Green mulls closing international arm
The poor financial state of Sir Philip Green’s Arcadia Group has been laid bare in documents sent to landlords ahead of an imminent company voluntary arrangement.
The documents show that Green is planning on selling or closing all of Arcadia’s international businesses, which are mostly loss-making, and that both the group’s total and like-for-like sales tumbled last year, according to The Sunday Times.
Total sales were down 10.5% to £1.7bn in the year to August, while like-for-like sales fell by 7.5%.
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