Arcadia to launch CVA 'within 48 hours'

Topshop Leeds

Arcadia is preparing to launch a CVA within the next 48 hours, Retail Week has learned.

Sir Philip Green’s fashion group is understood to have been encouraged by the response of property owners following crunch talks over the last few weeks.

Sources close to the business said “most” major landlords had been “really supportive” of Arcadia’s proposed plan, which would include the closure of 57 stores across its Topshop, Burton, Miss Selfridge, Dorothy Perkins, Evans and Wallis fascias.

However, Arcadia and its advisers Deloitte have been struggling to garner similar support from the Pension Protection Fund. It is understood  the two parties remain locked in discussions over the proposals.

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