Topshop CEO exits amidst restructuring

Topshop loses its chief executive officer. Paul Prince has resigned as chief executive officer in the middle of the restructuring process of Arcadia, the parent company of the chain, according to Drapers.

Prince joined Topshop in September 2017. The executive previously worked in Burberry, where he had been chief merchandising officer for ten years. It is not clear whether the company has begun the search for a replacement. 

Philip Green, chairman of Arcadia, has stated that Prince’s departure has been “friendly and has nothing to do with his performance.” Arcadia ended is fiscal year 2018 falling into the red from a 199 million pounds profit in 2017.

Arcadia ended its fiscal year 2018 in the red for the first time in seven years 

The company is in the middle of a restructuring process. In June, Arcadia reached an agreement with its creditors to restructure its business. The insolvency agreement (CVA) involves other cuts in addition to the reduction of staff, such as the closure of twenty-three stores in the United Kingdom and Ireland. 

Arcadia, owner of Topman and Topshop, amongst others, ended its last fiscal year with losses of 138 million pounds (153.7 million euros), compared to the profit of 199 million pounds (221 million euros) of the previous year.