520 jobs at risk as Sir Philip Green plans 23 store closures

Sir Philip Green is on course for a fresh clash with regulators after his Arcadia retail empire launched a rescue plan which would see 23 stores shut and its pension scheme contributions slashed. Restructuring proposals by the group - whose brands include Topshop, Burton and Dorothy Perkins - would result in 520 jobs being put at risk. It is also seeking to slash rents at 194 further sites in the UK and Ireland as it faces up to a 'highly competitive retail environment'. Proposals announced by the company would in addition see Arcadia halve its annual payments to the company's pension scheme to £25m, with Sir Philip making up the shortfall by injecting a total of £100m over the next three years.