Sir Philip Green’s fashion group also hopes to slash rents at 194 other shops under the restructuring plan.

Its remaining 349 stores in the UK and Ireland, which trade under the Topshop, Burton, Dorothy Perkins, Miss Selfridge, Wallis and Evans fascias, will continue to trade as normal.

Arcadia could also close all 11 of its Topshop and Topman stores in the US as it focuses on wholesale and online revenues there.