© Reuters. British billionaire and CEO of the Arcadia Group Green smiles as he attends the opening ceremony of a Topshop flagship store in Hong Kong

LONDON (Reuters) – British retail businessman Philip Green is working on a restructuring of his Arcadia Group which owns the Top Shop, Miss Selfridge and Dorothy Perkins chains, the BBC reported on Friday, citing a statement from the group.

The BBC said the statement highlighted “an exceptionally challenging retail market” in the UK and said Arcadia was exploring several options to enable the business to operate in a more efficient manner.

It said none of the options being explored involved a significant number of store closures or redundancies.

Arcadia was not immediately available for comment on the report.

British retailers are facing a perfect storm of rising costs, uncertainty in the economy around the UK’s exit from the European Union and the structural shift online.

Earlier on Friday, media reports said Green was considering a company voluntary arrangement (CVA), a restructuring mechanism which allows firms to close unwanted stores and cut rent bills.

CVA arrangements have been adopted by other Britishretailers, including fashion chain New Look, floor coveringsretailer Carpetright, mother-and-baby goods companyMothercare and home improvements chain Homebase.

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