Sir Philip Inexperienced’s Arcadia retail empire has been saved by a rescue deal that can set off the closure of 48 shops and a thousand jobs.
The plan, a Firm Voluntary Association (CVA), was accepted by Arcadia’s collectors.
After per week’s delay and 5 hours of dialogue Arcadia’a landlords lastly agreed to lease cuts, 23 retailer closures and 520 job losses.
Following the CVA, one other 25 shops and one other 500 jobs can be axed.
Ian Grabiner, CEO of Arcadia Group, mentioned he was “assured about the way forward for Arcadia”.
“From at this time, with the correct construction in place to scale back our value base and create a steady monetary platform for the Group, we will execute our enterprise turnaround plan to drive progress.”