Philip Green's Arcadia empire buys back 25% stake in Topshop chain

Survival plan includes dozens of store closures and cuts to pension fund paymentsSir Philip Green’s Arcadia empire has bought back a 25% stake in its Topshop chain from a US private equity firm, as it paves the way for a survival plan that involves closing stores and cutting payments to its pension fund.Leonard Green & Partners bought the stake in Topshop and Topman for a reported £350m in 2012. But by 2017 it had written the value of the investment down to nil, suggesting Arcadi