HULFT BANNER
Subscribe to our e-newsletter
Follow us on Twitter
Privacy and cookies
Established 1996
Tuesday 15 October 2019

LATEST NEWS 

Payments Awards 2019

Arcadia Group CVA challenges withdrawn

Written by Hannah McGrath
27/08/2019

Arcadia Group has announced that two US landlords have withdrawn their challenge to a proposed Company Voluntary Arrangement (CVA) aimed at shoring up the financial future of Philip Green’s retail empire.

The High Street behemoth - which includes Topshop, Topshop, Burton and Dorothy Perkins - won the greenlight for a total of seven CVAs from creditors in June, allowing the company to forge ahead with rent renegotiations with landlords and plans to close around 48 stores.

The plans pulled the group back from the brink of administration, which would have put up to 18,000 jobs at risk.

However, in July, US property group Vornado launched a challenge to two of the CVAs related to Arcadia Group and Topshop Topman.

This morning, the group confirmed that “following significant and constructive dialogue” the two US landlords had now agreed to withdraw their challenges.

As a result, there are no outstanding challenges to the CVAs and Arcadia can now go ahead with the plans.

Ian Grabiner, chief executive of Arcadia Group, said: “With these legal challenges now withdrawn all the components of the CVAs can now be implemented.

“On behalf of the board, I would like to thank all of our staff, customers and creditors for their loyal support during this tough period for retail businesses.”


Retail Payments Survey

Related Articles

Technology for Marketing

HULFT
Find out how HULFT can help you manage data, integration, supply chain automation and digital transformation across your retail enterprise.

Talking shop: retail technology solutions from Brother
Retail Systems editor Peter Walker sits down with Brother’s senior commercial client manager Jessica Stansfield to talk through the company’s solutions for retailers and hospitality businesses, what’s new in labelling technology, and the benefits of outsourcing printing.
Most read stories...
World Markets (15 minute+ time delay)