Arcadia Offers to Pay For Adviser to Help Unite Landlords

Philip Green’s Arcadia Group is offering to pay for an adviser to its landlords as the retailer battles for their backing on its plan to avoid collapse through a complex restructuring of its store estate, the Financial Times reported. The fashion company, which owns chains from Topshop and Topman to Dorothy Perkins and Wallis, wants to cut its sprawling store portfolio and pay lower rents. It is proposing to fund investment bank PJT Partners to negotiate on behalf of the property owners, said three people briefed on the talks. Arcadia has pushed for the landlords to negotiate collectively on its plans in an effort to boost the chances of a rapid agreement. The landlords in talks include British Land, Hammerson, Aviva and asset manager Aberdeen Standard, many of which want an improved compensation deal as part of the company voluntary arrangement — a form of insolvency deal — that Arcadia expects to launch. Read more