The Dublin Chamber of Commerce is insisting that the Irish High Street is not dead – after it was announced that six fashion stores are at risk of closure.
Over 500 jobs are on the line in Ireland and the UK as the Arcadia fashion empire, owned by Philip Green, experiences undergoes a major restructure.
The company, which owns brands including Topshop and Dorothy Perkins, is set to shut 23 stores as part of a series of company voluntary agreements (CVAs).
The Irish stores facing potential closure include:
- Cork (Dorothy Perkins/Evans)
- Dublin - St Stephen's Green (Topshop/Miss Selfridge)
- Dublin - Jervis (Topshop Topman)
- Dublin - Henry Street (Evans/Wallis)
- Dublin - Liffey Valley (Wallis)
- Galway (Miss Selfridge)
This morning, Graeme McQueen, head of communications at the Dublin Chamber of Commerce said he still has confidence in the high street.
“I think there is a lot of life left in the Irish high street,” he said. “We are seeing new stores coming in to Dublin all the time.”
“Yes you are going to lose a few; it is a very tough time for some retailers trying to compete with online.
“What we have to make sure is that the Dublin environment is competitive for new retailers coming in.”
Jobs
In a statement, the company said none of the UK or Ireland stores will close in the short-term – with employees and suppliers to be paid “on time and in full.”
Trading will continue as normal until the company meets with its creditors in early June.
"Every effort will be made to redeploy affected colleagues within the business where possible, and any staff unable to be assigned a position elsewhere in the Group will be eligible for applicable redundancy payments," it said.
"Tough but necessary"
Arcadia chief executive Ian Grabiner said: “Against a backdrop of challenging retail headwinds, changing consumer habits and ever-increasing online competition, we have seriously considered all possible strategic options to return the group to a stable financial platform.”
"This has been a tough but necessary decision for the business," he said.
Arcadia has faced significant financial challenges in recent months, largely as a result of a massive mounting pensions debt.
