Arcadia Rescue Deal Approved By Creditors, Saving Thousands Of Jobs

Philip Green’s Arcadia fashion group has secured backing for a controversial restructuring plan after a meeting of creditors voted to approve it, The Irish Times reported. The owner of brands such as Topshop and Wallis needed three-quarters of its unsecured creditors to back the plan, known as a company voluntary arrangement. At a meeting in London, Arcadia received that – although the company did not immediately divulge by what margin. The move clears the way for 23 of its 566 stores across Ireland and UK to close outright, with rents reduced by up to 70 per cent on 194 more. Under Green’s plan six stores in the Republic have been earmarked for closure, including the flagship Topshop outlet at St Stephen’s Green in Dublin and the brand’s shop in the Jervis Shopping Centre. All 11 Topshop/Topman stores in the US are to shut. Read more