Arcadia CVA decision postponed after stalemate

Philip Green

Arcadia has delayed the result of its crunch CVA vote for a week in a last-ditch bid to convince more creditors to back the deal.

Sir Philip Green’s fashion group failed to garner the support of 75% of its creditor base that was required to push ahead with proposed store closures and rent reductions.

Following a day of drama, Arcadia said it wanted to “conduct further dialogue with a few landlords, with a view to securing a final decision” on the seven separate CVAs.

Major landlords were split on Arcadia’s proposal to shut 23 stores and slash rents on almost 200 others, which left the vote hanging dramatically on a knife edge.

The likes of Hammerson and British Land are understood to have voted in favour of the CVAs, but Intu, Aviva and M&G all refused to back the insolvency process.

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