Businesses including Topshop owner Arcadia, Harrods, John Lewis, Airbus and EasyJet are cutting back.Read more
We've now had confirmation of that Philip Green story broken by Sky News earlier.
The retail tycoon has agreed a deal with an American private equity company to keep the doors open at his flagship Topshop store.
He has remortgaged his building on Oxford Street, which houses a 100,000 sq ft Topshop and Topman, as well as a giant Nike store, and offices above the shops, his company Arcadia confirmed.
US private equity giant Apollo has signed a £310m deal which will give much-needed refinancing for the building, ahead of a deadline due at the end of the year.
"The Arcadia Group Ltd is pleased to confirm it has completed the refinancing of its £310m loan on 214 Oxford Street for 4 years term with Apollo Management International LLP," the company said in a statement.
Topshop's chief executive Paul Price is to leave the High Street retailer.
Topshop's parent company Arcadia said that Mr Price is re-locating back to the US and will be leaving the company at the end of this month.
He joined Topshop as chief executive in September 2017 from Burberry.
Philip Green's retail empire, which includes Topshop, Miss Selfridge and Dorothy Perkins, has been through difficulties this year. It narrowly avoided going into administration after Sir Philip secured a rescue deal in June that closed 48 stores and led to the loss of about a thousand jobs.
And in September Topshop reported a £169.2m loss in its full-year results, compared with a £49.4m profit a year earlier.
Sir Philip Green's Arcadia and Taveta have appointed Andrew Coppel as chairman of their respective boards, Arcadia says.
Mr Coppel will replace Jamie Drummond Smith, who stepped down from billionaire Sir Philip's company in September after five months as interim chairman.