Arcadia has filed a new set of accounts at Companies House and it gives an insight into how bad trading has been at the business, with a swing to a loss last year. But it's talking up its growth focus for the future.
US landlord Vornado has suggested Philip Green and his Arcadia empire may have manipulated the results of a CVA vote by increasing its debt owed to suppliers, potentially undermining landlords’ power to block it.
Arcadia is moving fast following the approval of its CVA and it has said it will cut 170 jobs at its HQ. The company is “proposing to make some structural changes in order to support and deliver the turnaround plan.”
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.
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.
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.