(Adds Arcadia statement)
LONDON, March 16 (Reuters) - British retail businessman Philip Green is working on a restructuring of his Arcadia Group which owns the Top Shop, Miss Selfridge and Dorothy Perkins chains, the firm said on Friday.
In a statement Arcadia said it was dealing with “an exceptionally challenging retail market” and “continued pressures that are specific to the UK high street.”
The retailer said it was exploring several options to enable Arcadia operate in a more efficient manner.
“None of the options being explored involve a significant number of redundancies or store closures. The business continues to operate as usual including all payments being made to suppliers as normal,” it said.
British retailers are facing a perfect storm of rising costs, uncertainty in the economy around the UK’s exit from the European Union and the structural shift online.
Earlier on Friday, media reports said Green was considering a company voluntary arrangement (CVA), a restructuring mechanism which allows firms to close unwanted stores and cut rent bills.
CVA arrangements have been adopted by other British retailers, including fashion chain New Look, floor coverings retailer Carpetright, mother-and-baby goods company Mothercare and home improvements chain Homebase. (Reporting by James Davey; editing by Grant McCool and Sandra Maler)