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.
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