- Huw Hughes
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Sir Philip Green’s Arcadia has won a legal battle with American
landlords following Topshop USA’s bankruptcy filing.
Five US landlords, including property giant Vornado, were seeking to
recoup more than 100 million pounds in losses, arguing that Arcadia’s
company voluntary arrangements (CVAs) had compromised their rights as
foreign creditors, The Sunday Times reports.
Arcadia, which owns Topshop, Dorothy Perkins, Miss Selfridge, Wallis,
Evans and Burton, is now free to move the cash it generated from
liquidating stock from its 11 closed US stores back to the UK.
The company received the green light last month by creditors
to go ahead with its CVA plan to close close 23 stores across the UK and
Ireland. As part of the restructuring strategy, Lady Tina Green, the
group’s majority shareholder and wife of Sir Philip Green, will invest 50
million pounds of equity into the group, in addition to the 50 million
pounds of funding already provided in March.
Photo credit: FashionUnited
