The retail group that owns popular high street chains including Topshop, Miss Selfridge and BHS is to close up to 260 stores after a sharp fall in profits.

Arcadia profits are down by more than a third to just over £133m - compared to £213m last year.

Billionaire fashion entrepreneur Sir Philip Green, who owns the company, blames the drop in performance on the weather.

He told Sky News an unseasonably warm autumn has followed last year's cold winter.

The Arcadia group has 2,500 clothing stores in the UK.

Sir Philip said he expects up to 260 of these to disappear from the high street over the next couple of years as the company "reshapes our portfolio".

Sir Philip also told Sky News he is planning to expand his fashion empire overseas by bringing the Top Shop brand to China in the next 12 months.

But he warned there is no "silver bullet" that can sort out the UK economy

Topshop is a firm favourite of ours here at FF, with Miss Selfridge not far behind but aside from the shame of the poor state of the UK economy BHS can gladly do one!