Sir Philip Greens retail empire faces a crunch meeting with creditors this week as it tries to avert a collapse into administration which could put 18,000 jobs at risk.
The group, which operates 570 shops, must win approval from 75% of its creditors, most of whom are landlords, for a restructuring which will enable it to close at least 23 stores and cut rents by up to 70% on nearly 200 more.
A further 25 UK stores are set to close as Arcadia puts the property holding companies of Miss Selfridge and Evans into administration. It is also closing 11 Topshop stores in the US.
The deal, which will be subject to a vote on Wednesday, also relies on reaching an agreement with the Pensions Regulator over funding of Arcadias pension deficit, whic…
Read the full article at: https://www.theguardian.com/business/2019/jun/01/arcadia-philip-green-faces-angry-creditors