Topshop President Or Closing 260 Stores

British fast fashion brand Topshop

Philip Green disclosed that sky high rent may be

He worries that Britain's smaller "two tier cities" may lose the brand's large storefront unless there is a thorough rethink of how to preserve the high street brand store.

Philip told the media: "no retailer tells you that he doesn't like smaller stores."

He continued: "if we can't renegotiate the lease here today, I will be disappointed. If we can not negotiate, about 260 stores will have to close in the next three years. This is a doomsday scenario."

The billionaire runs 2500 stores in the UK with Topshop, Topman, Burton, Miss Selfridge, Wallis and BHS brands.

The 260 shops that are threatened are part of the Burton group, whose brands include Burton, Dorothy Perkins and Evans.

Neither Topshop nor BHS is in this position.

In the past year, his Arcadia group has closed 66 stores, but has opened new and bigger shops.

The group's performance showed that profit was 133 million in August, down 38% from the same period last year.