×
42 725
Fashion Jobs
ADIDAS
Manager Outbound Operations
Permanent · Spartanburg
ADIDAS
Senior Manager, Performance Marketing - Membership (Digital)
Permanent · Portland
ADIDAS
Logistics Manager
Permanent · Pittsburgh
ADIDAS
Technical Manager Maker Lab
Permanent · New York
GAP
Senior Producer- Digital Operations – International Promotions
Permanent · San Francisco
GAP
General Manager- Macarthur Park
Permanent · Irving
HUDSONS BAY COMPANY (HBC)
Analyst, Supply Chain
Permanent · Brampton
PUMA
Analyst, Business Intelligence - Consumer Insights
Permanent · Westford
L'OREAL GROUP
Buyer - (Purchasing/Procurement/Indirect Sourcing)
Permanent · Berkeley Heights
DESIGNER BRANDS
Director, Marketing Advanced Analytics
Permanent · Columbus
THE REALREAL
Sales Analyst, Business Strategy And Analytics
Permanent · San Francisco
THE REALREAL
Authentication And Brand Compliance Lead
Permanent · Perth Amboy
OLD NAVY
Assistant General Manager, Merchandising - Crossroads at Baileys
Permanent · Falls Church
COTY
E-Commerce Key Account Sales Manager
Permanent · New York
RALPH LAUREN
Ralph Lauren Stores - General Manager, Naples
Permanent · Naples
A & F
Brand Marketing Manager, Abercrombie & Fitch - Emea
Permanent · London
RAG & BONE
Sales Supervisor (Full-Time) - Brentwood
Permanent · Los Angeles
GIII APPAREL GROUP
Denim Design Director
Permanent · New York
ALICE AND OLIVIA
Sales Supervisor - Los Angeles
Permanent · Los Angeles
ALICE AND OLIVIA
Sales Supervisor - Boston
Permanent · Boston
TAPESTRY
Senior Planner, Global Merchandise Planning
Permanent · New York
MACY'S
Macy’s Herald Square, New York, ny: Cosmetics Training Manager - Lancôme
Permanent · New York

Intu still ready to vote against Arcadia CVA

Published
today Jun 11, 2019
Reading time
access_time 2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Arcadia may have sweetened the terns of its CVA in an effort to win landlord support at a series of votes due on Wednesday afternoon, but one major landlord, mall owner Intu, is still prepared to vote against the measures, a report said on Tuesday.


Many of Intu's Arcadia stores are Topshop branches - Topshop



Property Week reported that sources close to it have said Intu will be repeating its ‘no’ vote this time and that means the future of the Arcadia retail empire still remains uncertain.

It needs other landlords, including Landsec, M&G, Aviva and Aberdeen Standard, to switch their votes and register their support in order to avoid an administration filing that could put the group’s 18,000 staff at risk of more major job losses than if the CVA plan gets through.

The property trade magazine reported that Intu isn’t prepared “to punish full-rent-paying and loyal tenants” by allowing Arcadia to close stores ahead of lease expiries and to radically cut rents. Intu currently hosts 35 shops operated by Arcadia in its different centres and the fashion retailer had originally proposed a 50% rent cut, scaling that back to 40% after it was clear that it wouldn't get landlord support at its CVA meeting last Wednesday.

Intu is Arcadia's biggest landlord and controls around 15% of the votes at the creditors meeting. Given that 70% of the 35 shops are Topshop branches, the trade paper said sources say Intu is confident that the brand will survive, even after an administration filing, which explains its willingness to vote against Arcadia.

The fashion group needs 75% support to get its plan through and while some landlords will be voting in favour, Bluewater landlord Landsec is the one that could swing things as it reportedly hasn't yet made up its mind.

Copyright © 2020 FashionNetwork.com All rights reserved.