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Sir Philip Green is accelerating efforts to restructure his Arcadia retail empire through a programme that could involve announcing significant numbers of store closures and substantial job losses as soon as next month.

Sky News has learnt that the billionaire tycoon and his advisers are working on proposals to unveil a Company Voluntary Arrangement (CVA) – a form of insolvency mechanism – within a matter of weeks.

The scheme, which would require the approval of creditors including landlords and the Pension Protection Fund (PPF), would trigger substantial job losses across the Arcadia business, whose brands include Top Shop, Dorothy Perkins and Miss Selfridge.

Formal discussions with landlords are expected to begin in the coming weeks, with property agents expected to be drafted in shortly to work on the programme.

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