Arcadia defers pension payments and cancels supplier orders

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Topshop parent company Arcadia has launched a series of measures to cut down on costs amid the coronavirus crisis, including deferring payment into its pension scheme.

The fashion giant, which owns retailers including Topshop and Dorothy Perkins, is due to pay more than £2m into its pensions scheme monthly over three years under the terms of its company voluntary arrangement (CVA).

But the fashion group has postponed payments due to the outbreak of coronavirus and the impact on its cost base.

It is understood that Lady Green will continue to make her contributions to the pension scheme as well as providing an additional £100m to bridge the shortfall from Arcadia’s contribution.

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