Arcadia rescue deal green lit by creditors
The retail group has received approval for emergency financing from its creditors, giving it time to restructure and cut-costs to avoid collapsing and saving thousands of jobs.
Arcadia Group, which owns major high street brands like Topshop and Miss Selfridge, has gained approval for a rescue deal by its creditors on Wednesday.
The emergency financing green lit by creditors of Philip Green’s fashion group will buy it valuable time, allowing it to kick start its restructuring plan and stop it from collapsing, saving thousands of British jobs in the process.
‘Arcadia Group is pleased to announce that all seven of its Company Voluntary Arrangements (CVAs) have today been approved by the required majority of the companies’ creditors, including its pension trustees, suppliers and landlords,’ the retailer said.
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