And the results of the Arcadia CVA meeting? Well, we don't actually know as yet as it seems that a decision has been postponed for a week so the fashion retail giant could conduct more talks with “a few landlords”.
Tuesday’s news of an Arcadia pension fund deal seemed to suggest the group’s CVA has a chance of getting through, but a new report says a key landlord will oppose the CVA plan, leaving it on a knife edge.
There are concerns that Arcadia’s CVA proposal won’t get the support it needs as the giant fashion retail group refuses to shift its offer regarding its pension fund and any equity stake its landlords are entitled to.
Double the number of Arcadia shops expected could close with the axe to fall heavily on Miss Selfridge and Evans, the former to lose its London flagship as it can command a rich rent from other retailers.
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.