Topshop posts £10.9m loss as it grapples with tough retail environment

  [caption id="attachment_883571" align="alignnone" width="847"] Photo by REX/Shutterstock (5647169a)[/caption] Topshop is the latest retailer to have taken a battering from tough conditions on the high street after posting a multi-million pound loss in its last financial year. The retailer, whose parent company Arcadia Group is owned by Sir Philip Green’s family and includes both Topshop and Topman, made a £10.9m loss in the year to August 2017, compared with a £59.4m profit the year before. Topshop also took a £12.6m hit in the year, thanks to an impairment on a fixed asset and provisions for onerous leases. The Times and Guardian report that the billionaire wife of Sir Philip Green received a £25 million payment for a loan linked to the original purchase of the doomed BHS. The payment to Lady Green was one of several related party payments and transactions that Taveta, the holding company of Arcadia Group, carried out with members and associates of Sir Philip’s family last year. Thackeray Estates, controlled by his stepson Brett Palos, received £871,000 for managing a property redevelopment project. Click here for the full Telegraph article Click here for the full Times article (£) Click here for the full Guardian article