Sir Philip Green’s embattled Arcadia fashion empire is expected to be thrown a lifeline tomorrow when creditors vote on controversial CVA proposals.
Retail Week has learned that trade creditors have swung near-unanimously behind Arcadia’s CVA plan, which will allow the Topshop-to-Dorothy Perkins conglomerate to slash costs and launch a turnaround programme as it battles for breath in a hard-fought fashion retail environment.
The CVA is a humbling moment for tycoon Green, who once dominated the apparel landscape but has had to take emergency measures as shoppers deserted his brands and he became mired in personal controversy.
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