Sir Philip Green’s Arcadia is set to close its flagship Miss Selfridge store in Oxford Circus this July as Green pushes forward with the restructuring of his retail empire.
The flagship site will be leased to another retailer and Miss Selfridge will move into a concession in the basement of Topshop next door. "Many of the Miss Selfridge staff at 216 Oxford Street will relocate to support the new concession within the basement of the Topshop flagship at 214 Oxford Street," Arcadia said in a statement. "We will make every effort possible to redeploy remaining staff across other Arcadia Group locations within London."
Last week, Arcadia announced plans to close 23 of its stores in the UK and Ireland as well as all 11 of its Topshop and Topman stores in the US as part of a company voluntary arrangement (CVA). Arcadia also announced plans to halve its annual contributions to its pension scheme from 50 million pounds to 25 million pounds as part of the restructuring.
Arcadia Group, which owns Topshop, Topman, Dorothy Perkins, Miss Selfridge, Wallis, Evans and Burton, will be seeking creditor approval for its proposed CVA at a meeting on 5 June.
Photo credit: Miss Selfridge, Facebook