Sir Philip Green’s Arcadia Group has drafted two restructuring specialists on to its board as it prepares to shut stores and cut pension payments as part of a company-wide overhaul.

Jamie Drummond Smith and Peter Bloxham will join the boards of Topshop, Arcadia Group and Green’s holding company Taveta Investments, according to a corporate announcement that highlighted the pair’s “significant restructuring and governance expertise”.

Both appointees have been working closely with the board as advisers in recent weeks.

“Their relevant expertise will be invaluable as the group works through the current restructuring options,” Arcadia said. “They will also play an important role engaging with the group’s key stakeholders at this critical time for the business.”

The company is widely expected to embark on a restructuring programme through a company voluntary arrangement (CVA) – an insolvency process used by struggling firms to shut underperforming stores and cut rents.

The move would probably result in the closure of dozens of shops operated by Arcadia, the retail group controlled by Taveta whose brands include Topshop and Dorothy Perkins.

The company’s advisers at accountancy firm Deloitte have reportedly approached major landlords in recent weeks with a prospective deal. It offers a stake in the business in exchange for support of restructuring plans that would slash rents and shutter about 50 of its 570-plus store network.

The retail group is also looking to halve annual payments into its pension fund from £50m to £25m as part of cost cutting efforts, as it struggles against competition from online retailers such as Asos and Boohoo.

However, it comes just two years after Green agreed to increase annual payments from £25m to £50m in order to tackle its pension deficit, which stood at £727m last year.

Drummond Smith said: “Arcadia and Topshop Topman have faced unprecedented market conditions on the UK high street. We will be supporting the boards as they progress the restructuring options for the businesses to create a stable platform for the group to implement its turnaround plan.”

Arcadia this week also took back a 25% stake in Topshop from the US private equity firm Leonard Green & Partners, which is also seen as paving the way for restructuring plans that Green says are necessary to save the business.

Drummond Smith, who has been appointed as interim chairman, is chair of Welcome Finance and previously served as finance director and chief restructuring officer of the now defunct subprime lender Cattles. He was a partner at the accountants Deloitte and Touche between 1981 and 2007.

Bloxham was a partner at the law firm Freshfields from 1977 to 2006, becoming its head of restructuring and insolvency. He has since operated as an independent adviser on financial restructuring.