Creditors in the UK have approved rescue plans for the Arcadia fashion group, which is owned by British mogul Philip Green.
The group - whose brands include Topshop and Dorothy Perkins - is set to shut 23 stores across the UK and Ireland as part of a series of company voluntary agreements (CVAs), with the loss of more than 500 jobs.
Six Irish stores are among those that the company has earmarked for closure.
BBC reports that another 25 stores and another 500 jobs will be axed following the CVA process.
The retail group's proposals will also see rents cut at nearly 200 of their remaining outlets.
As part of the plan, the Green family is set to provide tens of millions of pounds to the business - including an additional £50m in equity, and £100 million to bridge a pensions deficit.
Arcadia Group creditors today voted to approve the CVAs.
Ian Grabiner, CEO of Arcadia Group, said: "After many months of engaging with all our key stakeholders, taking on board their feedback, and sharing our turnaround plans, the future of Arcadia, our thousands of colleagues, and our extensive supplier base is now on a much firmer footing.
"I would like to thank all of our team and advisors for their support throughout the CVA process. It has been incredibly challenging for all concerned but I believe this is the right outcome for all our creditors.”
You can see a full list of the Irish stores that had been earmarked for closure below:
- 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)
