By George MacDonald2019-06-03T11:20:00
As the fate of Arcadia hangs in the balance, there is a danger that this week’s CVA vote will turn into a popularity poll on owner Sir Philip Green.
The last year has been tumultuous for the tycoon. Not only is his fashion empire on its knees, he has had a spectacular personal fall from grace as allegations of bullying and inappropriate behaviour made headlines – the latest of which emerged from the US just last Friday.
Some of those allegations, all denied by Green, may make their way to court. That is the right place for them.
A lot of people may not like Green but that should not, on its own, determine whether or not Arcadia, and the 18,000 people who work there, are thrown a lifeline by creditors at Wednesday’s crunch CVA meeting.
There is plenty to criticise about how Arcadia has been run in recent years and that is Green’s responsibility. It’s especially galling that the Green family took a £1bn dividend out of Arcadia. But the vote is not about the mistakes or excesses of the past. It is, like other recent CVAs, about whether the retailer has a viable future.
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