Sir Philip Green suffers fresh blow as Topshop and Topman reports losses of £505million – The Sun

SIR Philip Green suffered a fresh blow yesterday when it emerged his Topshop and Topman fashion chains went half a billion pounds into the red last year.

The high street brands, once the jewel in his crown, reported pre-tax losses of £505.1million.

The results — filed at Companies House — cover the 12 months to September 2018. They include a £488.8million loss for charges, including shop leases on stores which did not make a profit.

Meanwhile sales fell by nine per cent to £847million while staff numbers were slashed by 12 per cent to 3,853. In the previous year, the total loss was just £3.9million.

Topshop and Topman are currently being overhauled as part of a wider turnaround plan.

Landlords voted through the scheme in June, giving the green light to close 23 stores and slash rents on many more.

But Sir Philip, 67, and his wife Tina had to offer concessions funded from their own purse to get the approval.

Other elements of the plan include pushing US operations into administration and shuttering 25 Evans and Miss Selfridge stores — also part of Green’s Arcadia empire.

Reports say chief exec Ian Grabiner is laying the groundwork for a break-up of the brand portfolio, which also includes Dorothy Perkins.

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