LONDON (Reuters) – Philip Green’s Topshop-to-Dorothy Perkins fashion empire staved off a collapse into administration on Wednesday as creditors approved his sweetened restructuring plan.
FILE PHOTO: People walk past a Topshop and Topman store, owned by Arcadia Group, in central London, Britain, June 5, 2019. REUTERS/Henry Nicholls/File Photo
The restructuring will close stores, cut rents and make changes to the funding of the group’s pension schemes, but it will enable it to keep operating under the Green family’s ownership.
All seven of the Company Voluntary Arrangements (CVAs) proposed by Green’s Arcadia Group were approved by the required majority of creditors, including its pension trustees, suppliers and landlords, the retailer said.
“We are extremely grateful to our creditors for supporting these proposals,” Arcadia’s CEO Ian Grabiner said.
“The future of Arcadia, our thousands of colleagues, and our extensive supplier base is now on a much firmer…