Extent of Arcadia woes revealed
Taveta Investments, the holding company for the Arcadia Group saw its revenues fall by 4.5 per cent to £1.8bn for the year to 1st September 2018 with a pre-tax loss of £177 million, with Arcadia incurring a £93m pre-tax loss. The beleaguered business has blamed a changed retail landscape and increased competition, which along with the recent departures of some of its senior management, have sparked speculation that certain of its more successful brands will need to be sold off to ensure their continuation.
In a comment to the BBC, Sir Philip Green said: "The market place has changed forever - people want a different kind of service. Should we have seen that three or four years ago - maybe. But now we need to get on with the job."
Meanwhile the competition continues to take market share.