Miss Selfridge, the woman’s fashion chain owned by Philip Green, has posted a £17.5 million loss after sales growth was hit by turbulent conditions on the High Street.
Accounts showed that sales were down by more than 15 per cent in the year to 1 September 2018 at £102.8 million.
Pre-tax losses rose from £4.2 million in 2017 to £17.5 million, driven by £12 million in one-off costs from writedowns in property value and restructuring, following redundancies which decreased employee numbers from 1,188 to 300.
The results come after Topshop and Topman, also part of Green’s Arcadia retail empire, reported losses of £505 million in the year to September 2018.
The Miss Selfridge chain has announced plans to close six branches, including the Oxford Street flagship store, as part of a series of seven CVAs launched by the wider Arcadia and Topshop/Topman Group in June.
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