Fashion

US landlords drop challenges against Arcadia CVA


US landlords drop challenges against Arcadia CVA

Arcadia Group is set to move forward with its restructuring plans after
two US landlords dropped challenges against two of its company voluntary
arrangements (CVAs).

The decision came following “significant and constructive dialogue” with
the two landlords, Arcadia said in a statement on Tuesday.

Ian Grabiner, CEO 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now withdrawn all the components of the CVAs can now be implemented.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. We can now look forward to implementing our strategy and
delivering our growth plan for the group.”

Arcadia, which owns Topshop, Dorothy Perkins, Miss Selfridge, Wallis,
Evans and Burton, received the green light in June by its creditors to
move forward with plans to close 23 of its stores across the UK and Ireland.

Photo credit: FashionUnited



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