Arcadia revealed some details of its long-rumoured CVA plan late Wednesday afternoon with an exit from its US stores and closures in the UK and Ireland that will affect 520 jobs. It will also focus more on digital.
Handbags and accessories specialist Lulu Guinness is launching on-site social commerce with content tagged #HowDoYouLulu from Instagram being tracked down at speed and displayed on the brand’s website.
Analysts expect fashion retail giant Arcadia to announce its CVA as early as this week with the sale or closure of its business outside of the UK also possible along with the closure of 57 UK stores as sales still fall.
The latest Sunday Times Rich List at the weekend saw Arcadia boss Philip Green falling out of the billionaire’s club with the newspaper assigning no value to his controlling stake in the Arcadia fashion retail empire.
If we could be a fly on any wall, it would be the Arcadia boardroom on Tuesday with the board set to meet to talk about the future of the company’s various fashion chains in the UK and beyond, and its expected CVA.
One of Boohoo’s co-funders has explained the fashion e-tail giant’s reasoning for taking on a new CEO with no recent e-tail experience saying that the company needed a large-company leader as it becomes much bigger.
Arcadia is believed to have struck a deal with bank giant HSBC for the latter to act as a guarantor of its ability to pay its suppliers as it works towards a possible CVA, which some analysts are expecting this week.