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Tag: Arcadia

Rescue deal for Green’s Arcadia hangs in the balance

Rescue deal for Green’s Arcadia hangs in the balance

Business
The future of Sir Philip Green's high street retail empire hangs in the balance ahead of crucial votes on a rescue deal.Arcadia Group - the company behind the Topshop, Dorothy Perkins and Burton brands - needs the support of at least 75% of creditors in a series of ballots that were delayed last week because of significant opposition from landlords. The company could collapse as early as this evening if its plans for 50 store closures and rent cuts elsewhere are rejected.After suspending last week's vote, Arcadia said it would reduce the severity of its proposed rent reductions in a bid to win enough support. Image: Intu's exposure to Arcadia is mainly through Topshop trading sites But Sky News revealed on Tuesday how Intu Properties ...
Lakeside-owner Intu puts Green’s Arcadia on brink

Lakeside-owner Intu puts Green’s Arcadia on brink

Business
By Mark Kleinman, City editor Sir Philip Green's plan to save his high street empire from collapse edged closer to failure on Tuesday when its second-biggest landlord indicated it would oppose a last-gasp rescue deal.Sky News has learnt that Intu Properties, which owns the Lakeside and Trafford Centre shopping centres, has informed Arcadia Group that a compromise deal aimed at winning over sceptical property-owners had not persuaded it to support a proposed Company Voluntary Arrangement (CVA). The move inches Arcadia, which needs the support of 75% of creditors at a rescheduled vote on Wednesday, to the brink of administration, and casts renewed doubt over 18,000 high street jobs.Intu's decision, which insiders said would not be reversed ahead of the v...