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Philip Green buys back shares ahead of expected restructuring Philip Green buys back shares ahead of expected restructuring
(32 minutes later)
US investor Leonard Green has sold its 25% stake in retailers Topshop and Topman (TSTM) back to Sir Philip Green's Arcadia retail empire.US investor Leonard Green has sold its 25% stake in retailers Topshop and Topman (TSTM) back to Sir Philip Green's Arcadia retail empire.
There are reports it may now seek a company voluntary arrangement (CVA), allowing it to cut rents and close stores.There are reports it may now seek a company voluntary arrangement (CVA), allowing it to cut rents and close stores.
The group includes brands such as Burton, Miss Selfridge as well as TSTM. The group also includes brands such as Burton and Miss Selfridge.
In March Arcadia said that job cuts and store closures from any restructuring would not be "significant".In March Arcadia said that job cuts and store closures from any restructuring would not be "significant".
Arcadia has 1,170 shops in 36 countries, although the majority are concessions or franchises. It has 300 shops in the UK after shutting 200 of them over the past three years. Arcadia has 1,170 shops in 36 countries, although the majority are concessions or franchises.
In January media reports claimed Sir Philip had called in consultants Deloitte to plan a full restructuring of the group after a fall in profits and sales. It has 300 shops in the UK after shutting 200 of them over the past three years.
Sir Philip has called in consultants Deloitte to plan a full restructuring of the group after a fall in profits and sales.
Pension negotiationsPension negotiations
The sale has also raised hopes it may prompt Sir Philip to repair a £500m hole in the Arcadia pension fund.The sale has also raised hopes it may prompt Sir Philip to repair a £500m hole in the Arcadia pension fund.
In 2017 Arcadia agreed to double the pension scheme contributions to £50m per year for 10 years, after it had been revealed that its deficit was running at close to £1bn.In 2017 Arcadia agreed to double the pension scheme contributions to £50m per year for 10 years, after it had been revealed that its deficit was running at close to £1bn.
It is now negotiating with the Pensions Regulator over a reduction in its cash contributions.It is now negotiating with the Pensions Regulator over a reduction in its cash contributions.
Leonard Green & Partners (LGP), an American private equity firm with investments in brands such as Lucky Brand Jeans, J Crew and Pure Gym, bought a 25% stake in TSTM, for a reported £350 million in 2012.Leonard Green & Partners (LGP), an American private equity firm with investments in brands such as Lucky Brand Jeans, J Crew and Pure Gym, bought a 25% stake in TSTM, for a reported £350 million in 2012.
Investors had hoped the deal would help it expand in the US.Investors had hoped the deal would help it expand in the US.
'Supportive''Supportive'
LGP sold the stake in TSTM back to Arcadia for an undisclosed sum and said in a statement: "The transfer simplifies the shareholding structure of Topshop Topman and enables the Arcadia board to focus on the restructuring options being considered.LGP sold the stake in TSTM back to Arcadia for an undisclosed sum and said in a statement: "The transfer simplifies the shareholding structure of Topshop Topman and enables the Arcadia board to focus on the restructuring options being considered.
"Leonard Green remains supportive of the business and has the opportunity to repurchase its stake in the future.""Leonard Green remains supportive of the business and has the opportunity to repurchase its stake in the future."
Last year Sir Philip was embroiled in claims - strongly denied - of bullying and inappropriate behaviour.Last year Sir Philip was embroiled in claims - strongly denied - of bullying and inappropriate behaviour.
He was also criticised over the demise of department store chain BHS, which collapsed in 2016, a year after he sold it for just £1.He was also criticised over the demise of department store chain BHS, which collapsed in 2016, a year after he sold it for just £1.