Sir Philip Green’s retail empire Arcadia has pledged to reduce the rent cuts proposed in its CVA in a bid to get landlords onside, Retail Week can reveal.
The retailer is understood to have reduced the rent cuts it had sought from 70% to 50%, while properties it was previously seeking a 30% reduction on will now be in line for a 25% cut.
The shortfall that these reduced rents cuts will amount to will be plugged by funds provided by Sir Philip and Lady Green.
Arcadia is also understood to be doubling the length of the break clauses on affected properties from three months up to six.
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