Arcadia hails creditors’ support as CVA challenge dropped
Arcadia Group’s chief executive has hailed the “loyal support” of staff, customers and creditors after confirming that the legal challenge from US landlords to its company voluntary arrangement has been dropped.
The fashion empire’s chief executive Ian Grabiner said, “with these legal challenges now withdrawn all the components of the CVAs can now be implemented” and thanked creditors, staff and customers on behalf of the board.
The retailer successfully passed CVAs for all of its brands in June, at the second attempt, following a protracted battle with UK landlords over rent reductions and equitable stakes in the future business.
However, despite passing the CVA, Arcadia have since been dogged for over two months by two US-based landlords Vornado and Caruso.
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