Bluewater Shopping Centre’s Miss Selfridge is set to close as 23 of Sir Philip Green’s Arcadia stores are being shut – putting 520 jobs at risk.

The retail tycoon, who lost his billionaire status according to the latest Sunday Times Rich List, put forward a rescue plan which will see the closure of several stores in both the UK and Ireland.

These include Burton, Dorothy Perkins, Topshop and Topman, as well as Evans, Miss Selfridge, Outfit and Wallis outlets.

Arcadia chief executive Ian Grabiner said: "Against a backdrop of challenging retail headwinds, changing consumer habits and ever-increasing online competition, we have seriously considered all possible strategic options to return the group to a stable financial platform.

"This has been a tough but necessary decision for the business.

"We will ensure all potentially affected colleagues are kept fully informed as we seek approval from our creditors on today's CVA proposals."

Daniel Butters, partner at Deloitte, said: "Arcadia and its portfolio of iconic fashion brands have faced unprecedented market conditions in recent years, which have significantly impacted the group's financial performance.

"These CVAs will provide a stable platform for Arcadia's experienced and committed leadership team to implement its turnaround plan and ensure the long-term sustainability of the group."

But speculation mounted earlier this year that Sir Philip would look to either sell off the company or close stores.

In March, Arcadia said it was exploring options to improve efficiency in the business before it hired later property advisers to assess its estate and draw up new restructuring plans.