The UK high street suffers another blow, as Arcadia reports the year's profits down by 38% and as a result will see the closure of around 10% of it 2,600 stores across the UK. The brand names under the Arcadia banner are Miss Selfridge, Top Shop, BHS, Burtons and Dorothy Perkins.

There will be no wholesale closure date, rather a gradual reduction of those stores having leases up for renewal in the next three years.

Sir Phillip Green, turning in a profit of £133 million for the year to August, blamed the unseasonably high temperatures for  the drop in profits, together with a squeeze on margins. A rise in costs absorbed, rather than passed on to the customer, hitting the bottom line by over £50 million.