Arcadia has secured a rescue deal, which will see the closure of 48 stores and the loss of a thousand jobs.

The plan was approved yesterday by Arcadia’s creditors, and will cover stores including Topshop, Miss Selfridge and Wallis.

After long negotiations and a weeks delay, Arcadia landlords succumbed to rent cuts, 23 store closures and 520 job losses.

Ian Grabiner, CEO of Arcadia Group, said: "From today, with the right structure in place to reduce our cost base and create a stable financial platform for the Group, we can execute our business turnaround plan to drive growth."