Sir Philip Green is preparing to seek a Company Voluntary Arrangement and restructure his retail business empire with significant numbers of store closures and job lossesIsabel Infantes/PA

Sir Philip Green is set to carry out a significant restructuring of his retail empire which could result in hundreds of job losses and store closures.

The retail billionaire tycoon and his advisers, Deloitte, are close to unveiling plans for Arcadia to carry out a Company Voluntary Arrangement (CVA) an insolvency process that allows a company with debt problems to reach agreement with its creditors regarding payment over an agreed period.

It would give Arcadia a breathing space during which stores may be closed and rents r…

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