As reports continue to suggest that Topshop owner Arcadia is to launch a CVA within weeks, it has also emerged that the company is to offer Arcadia Group shares to its landlords in return for their support.
The embattled UK retail industry was dealt another blow on Friday after news emerged that Arcadia is considering a restructuring process which could result in significant store closures and job losses.
The millionaire owner of Arcadia brands including Topshop, Dorothy Perkins and Miss Selfridge could face a police investigation and lose his knighthood over allegations of sexual assault and racial abuse.
Topshop owner Arcadia could reportedly close 100 locations in its vast stores empire as leases on the shops come to an end by late 2020. That would follow more than 200 closures that have happened since 2016.
A report has suggested Arcadia is looking to close around a third of its 500 leased UK stores, joining the wave of UK retailers trying to downsize their store estate as online shopping continues to soar.
A major credit insurer has cut the cover it will give for Arcadia suppliers with Euler Hermes reportedly writing to clients in the past fortnight as the fashion sector sees a wave of credit insurance cuts.