Philip Green’s fashion empire Arcadia Group on Tuesday said it received applications from legal entities of U.S.-based property group Vornado challenging two of its seven planned Company Voluntary Agreements (CVAs).
Mothercare on Thursday released a trading update and hailed the “significant strategic progress” it has made so far. Its turnaround continues and expectations for full-year profit remain in line with analyst forecasts.
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.
Mamas & Papas continued to struggle in its latest year as it reported another loss, although there were some bright spots as its online sales continued to accelerate and now make up nearly a third of its total turnover.
It’s been hard to find good news in most of the announcements made by mother-and-baby products retailer Mothercare in recent periods, but the company says it has made “strategic progress in spite of UK headwinds.”
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.