UK: Arcadia losses lead to 3,500 job cuts
The shake-up on the British high street continues with the announcement by struggling retail group Arcadia that it is to sell its Principles for Men chain and cut 3,500 jobs after plunging into loss. Arcadia, the UK's second largest retailing group, today posted annual results that showed a pre-tax pre-exceptional loss of £8.6 million at the half-year stage compared with a profit of £26.3 million a year ago.The current price deflation across the UK's middle market is said to have contributed to the fall in Arcadia's revenues, whilst Principles for Men has also fallen victim to the rapidly growing trend towards dressed down casualwear. The chain currently trades through a total of 80 standalone shops and about 70 franchises in Arcadia outlets and Debenhams department stores. Principles' shops for women will remain open.
Get full access to all content, just $1 for 30 days
A Message From The Editor
just-style gives you the widest apparel and textile market coverage.
Paid just-style members have unlimited access to all our exclusive content - including 16 years of archives.
I am so confident you will love complete access to our content that today I can offer you 30 days access for $1.
It’s our best ever membership offer – just for you.
Leonie Barrie, editor of just-style
- Why fast fashion isn't a case of one size fits all
- Sir Philip Green blamed for the collapse of BHS
- TPP tariff phase-out guides Vietnam sourcing plans
- Brexit Trade Focus – How a CANZ-UK FTA stacks up
- How Central America garment sourcing measures up
- VF Corp cuts guidance as Q2 profit plunges 70%
- VF confident on "solid" sustainability roadmap
- Ethiopia opens flagship textile and apparel park
- Target hires Apple exec for global sourcing post
- Teijin launches polyester hook-and-loop fastener
- Central America strategic sourcing review - a focus on Guatemala, El Salvador and Honduras
- Southeast Asia strategic sourcing review – a focus on Cambodia, Vietnam and Myanmar
- World Textile and Apparel Trade and Production Trends: the EU - June 2016
- Primark Stores Limited: Retailing - Company Profile & SWOT Analysis
- Luxury Goods Retailing in Europe, 2014-2019 ; Market & Category Expenditure and Forecasts, Trends, and Competitive Landscape