SIR Philip Green who owns the Arcadia Group retail empire is reportedly in the midst of preparing a financial restructure of his firm that could lead to a series of store closures and job losses.
According to some news reports negotiations with landlords and stakeholders are also set to begin imminently.
The business, includes fashion retailers such as Topshop and Topman, Dorothy Perkins, Miss Selfridge, Burton, Evans and Wallis and Outfit.
Retail Week and Sky News are reporting that Arcadia is likely to go for a company voluntary arrangement (CVA), possibly in the next month, with a substantial number of store closures and job losses expected. Arcadia operates around 570 standalone stores as well as hundreds of concessions.