Shopping centre owner Landsec has plunged to a half-year loss after taking a £368 million hit on the value of its properties from woes in the retail sector.
Sir Philip Green’s Topshop and Topman fashion chains saw losses widen to more than half-a-billion pounds last year after sales tumbled.
Sir Philip Green’s Arcadia retail empire has laid bare the state of its finances in the year before its move to shake up the business with a radical recovery plan.
Sir Philip Green has been hit by another high-profile departure from his retail empire after it emerged the chairman of Arcadia stepped down on the same day as the group’s chief operating officer.
David Shepherd, a key lieutenant in Sir Philip Green’s retail empire, has stepped down from his position as chief operating officer at Arcadia.
Topshop owner Arcadia will press ahead with store closures and rent cuts after two US landlords withdrew their opposition to the plans.
A popular fashion brand has announced plans to shut its Aberdeen store after more than 30 years.