Headache for Sir Philip Green as his fashion chiefs quit Burton, Topshop and Miss Selfridge

Worries: Directors of some of Sir Philip Green’s biggest brands have stepped down
A clear-out at the top of Arcadia has seen directors of some of Sir Philip Green’s biggest brands step down.
Burton, Miss Selfridge and Topshop/Topman have all said goodbye to bosses – with replacements yet to be installed.
Wesley Taylor, managing director of Burton, has left the business after more than ten years, with some suggesting he has walked out. 
Craig McGregor, retail director at Topshop/Topman has also quit, to fill the same role at Specsavers. 
And Yasmin Yusuf, creative director of Miss Selfridge, has stepped down after more than a decade at the womenswear brand.
The shake-up will pile further pressure on Green, 64, who is nursing a poor Christmas performance at his flagship Topshop stores.
It is understood sales slid 11 per cent over the festive period, although Arcadia has denied this is the case.
A spokesman for Arcadia declined to comment on the departures, but it is understood that a replacement for one of the roles is close to being announced. 
The headache comes after Green last week agreed to cough-up £363million to plug the black hole in the BHS pension scheme.
It was part of a bid to salvage his reputation following months of criticism.
The cash went some way to protect the retirement income of 19,000 ex-employees from the collapsed High Street chain.
BHS failed a year after Green sold it to three-times bankrupt former racing driver Dominic Chappell – leaving a £571million pension deficit
The sale split BHS from the rest of Green’s retail empire, which includes brands such as Wallis and Dorothy Perkins. 
The health of these chains is unknown, but this week it was revealed Green has agreed a deal to pump an extra £50million into the Arcadia pension fund to plug its deficit.

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Posted on March 7, 2017, in #retail, #uk, Other. Bookmark the permalink. Leave a comment.

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