Arcadia appoints two restructuring experts to board
today Apr 11, 2019
Jamie Drummond Smith has become chairman of Topshop, Topman, Arcadia Group and Taveta, and Peter Bloxham, ex-head of restructuring and insolvency at law firm Freshfields, has joined as a non executive board member, according to BBC News.
Drummond Smith was previously director and chief restructuring officer at finance group Cattles, where he currently serves as chairman.
Their appointments follow weeks of speculation regarding Arcadia’s future, with many expecting the British retailer to enter a company voluntary agreement to close some of its stores.
Earlier this week, Sunday Telegraph reported that the firm is considering closing stores in the US, Australia, Germany, the Netherlands and Ireland. In total, Arcadia operates 1,170 stores in 37 countries, including department store concessions and franchises.
At the very least, the company is expected to announce some form of restructuring in early May.
In February, Taveta Investments, the holding company which owns Arcadia, lost its chairwoman Karen Brady following sex allegations against owner Philip Green. Sharon Brown, another non-executive director, also resigned from her role.
The Arcadia board suffered a further blow this week when Leonard Green Partners, a US-based investor, sold its 25% stake in Topshop back to Arcadia.
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