Topshop tycoon Sir Philip Green to close 23 stores

Topshop tycoon Sir Philip Green plans to close 23 stores, putting 520 jobs under threat, as part of a rescue plan.

Under the proposal, Burton, Dorothy Perkins and Topshop stores will close and rents will be cut at another 194 stores at the Arcadia group.

It is another blow to the tycoon, who this month lost his Sunday Times Rich List billionaire status.

Ian Grabiner, chief executive of Arcadia Group, called the steps “tough but necessary” to mend the business.

The company also plans to shut all its 11 Topshop and Topman stores in the US.

Competition online

The closures would add to the 200 UK stores shut …