Arcadia Group is reportedly launching a new restructuring plan just over a year after its last. The details of the cost-cutting plans, which are currently with the Pensions Regulator, are not yet known but Arcadia is reported to have a deficit of £727 million in its pension funds.

The group has been badly affected by the COVID-19 pandemic after shutting down its 550 stores for the lockdown. In this period all shop-floor staff and the majority of office staff were furloughed with senior leadership taking pay cuts of up to 50%. Last month 500 jobs were made redundant in the head office.