In a statement released by the company, its plans for the future were outlined with big changes across all aspects of the business.
One surprise was its announcement of its intention to buy back the Per Una brand from its owner and creator George Davis at a cost of £125m.
Chief executive Stuart Rose said: “Bringing in Per Una is the right thing to do at this point in time.”
The company also announced it would be disposing of some of its smaller Simply Food stores and ditching its recent Life Store concept, as well as returning £2.3bn to investors.
It promises cost savings across the board and it also plans to sell off part of its credit card and financial services business to HSBC for £762m.
It is planning to focus specifically on its female customers by providing fewer ranges at improved quality. It also aims to look at value in addition to quality.
Philip Green should soon know whether shareholders will be backing the company or him.