"Many Photos" - Signs Sir Philip Green's empire is beginning to crumble as he prepares to shut as many as 200 stores

Sir Philip Green is preparing to shut as many as 200 stores over the next two years amid signs his Arcadia retail empire is beginning to crumble.

The Mail understands that leases on around 200 shops are coming up for review over the next two years which Green, 67, may not renew.

Arcadia employs 22,000 staff in 570 stores, with brands including Topshop, Burton, Dorothy Perkins, Evans, Miss Selfridge and Wallis, as well as hundreds of concessions.

Sir Philip Green's (with wife Tina and daughter Chloe) Arcadia retail empire - which includes Topshop, Burton, Dorothy Perkins, Evans, Miss Selfridge and Wallis - is beginning to crumble

The billionaire is planning to close its worst-performing outlets and slash rent costs.

On Thursday, it was revealed that a list of 67 of the more desirable stores is currently being offered to rival chains to take over the leases.

Included in the document, seen by the Financial Times, were branches of Topshop, Dorothy Perkins and Miss Selfridge in well-known shopping centres, such as the MetroCentre in Gateshead, as well as on provincial high streets.  

The plans are the latest sign that Green's empire is struggling to fight back against an onslaught from online-only firms such as Asos and Boohoo, which have become hugely popular with younger shoppers. 

If the stores close, Arcadia will join a raft of retailers which are shutting shops.

More than 175,000 jobs are predicted to disappear from the High Street this year as retailers struggle with fierce competition and soaring costs such as business rates.

According to most recent figures published for Taveta, the holding company for Arcadia, profits at the group almost halved to £124million in the year in August 2017.

Topshop and Topman, once the jewel in Arcadia's crown, racked up losses of almost £10.9million from a profit of £59million a year earlier. Arcadia declined to comment. Green was unavailable for comment.

The news comes after a spate of sexual harassment and racial misconduct allegations against the tycoon were made public. 

The news comes after a spate of sexual harassment and racial misconduct allegations against the tycoon (pictured with Kate Moss) were made public

Green allegedly groped a female executive mocked a male employee's dreadlocks and dragged woman around in a headlock - and silenced them with settlements and non disclosure agreements.

Details of the allegations against Sir Philip involving five employees were revealed by The Telegraph after his legal action against the paper ended at the High Court. 

It was reported that the Arcadia boss paid out millions in settlements with staff members, who include a senior female executive who was allegedly called a 'naughty girl' by Sir Philip.

He allegedly kissed her face on a number of occasions, slapped her bottom and made comments about her weight.

Sir Philip also allegedly drew attention to the dreadlocks of a senior male executive in front of other staff, and referred to him 'throwing spears in the jungle'.

Sir Philip was accused of groping a female member of staff and silencing her with an NDA

And it was reported he was told not to come any closer by a woman whose face he is said to have grabbed, allegedly dragged another senior female staff member around in a headlock and allegedly smashed a male staff member's mobile phone in an aggressive dressing down. 

In all five cases, the employees had agreed to keep the details of their complaints confidential under NDAs.

Sir Philip obtained the injunction, but he dropped it because it was 'pointless' after he was named in Parliament as the businessman behind an injunction against the newspaper.

Lawyers representing the Topshop owner said the decision was prompted by Lord Hain's identification of Sir Philip in the House of Lords in October last year, a day after the Telegraph ran a front-page story saying it was prevented from naming a 'mystery businessman'. 

Earlier this month, the body in charge of removing honours has said for the first time that it was examining a request to strip Sir Philip Green of his knighthood.

Frank Field, chairman of the work and pensions select committee, wrote to the Honours Forfeiture Committee in February to make the request.

 Earlier this month, the body in charge of removing honours has said for the first time that it was examining a request to strip Sir Philip Green of his knighthood

He received a reply saying the committee has ‘had sight of’ his letter, a response it had not given previously.

Mr Field said: ‘They’re getting closer. I’ve never had this kind of response before. I wrote to the chair and it looks as though the whole committee has had sight of the letter.’ 

The MP also helped to hold Sir Philip to account after the collapse of BHS. Sir Philip eventually agreed to pay £363million towards filling the pension deficit.

Sir Philip's reputation was left in tatters by the collapse of former high-street staple BHS in 2016, after being considered the king of retail for years. 

Brought up in south London, Sir Philip was sent to a private school in Berkshire and went straight into wholesaling shoes and selling jeans.

A bold, brash wheeler-dealer, he made his name when buying and carving up the Sears empire in the late 1990s.

In 2002, he bought Arcadia, the parent company that controls Topshop, Topman, Burton, Dorothy Perkins and Miss Selfridge.

Other notable events in his career include a failed £9 billion bid to buy iconic high street chain Marks and Spencer in 2004.

Sir Philip was awarded the knighthood in 2006 for services to the retail industry.

But he is perhaps best-known for his role in the demise of BHS.

The collapse of the retailer in April 2016 left 11,000 people out of work and a £571 million black hole in its pensions fund.

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News Photo Signs Sir Philip Green's empire is beginning to crumble as he prepares to shut as many as 200 stores
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