With debts rising, and sales and profits down, Arcadia says it simply cannot afford its rental bill of £170m per year. Samantha Starling - Fletcher. This person was born in March 1960, which was over 59 years ago.
The group employs 18,000 people across brands including Topshop and Evans.Sir Philip Green’s Arcadia retail empire has scraped through plans to close stores after a knife-edge vote received the backing of landlords.The group – which owns Topshop, Burton and other high street brands – announced on Wednesday that its company voluntary arrangements (CVAs) had all been voted through at a reconvened meeting of creditors.It means around 1,000 jobs are at risk as 23 stores close under the CVA, while another 25 will be shuttered as part of a wider restructuring.Landlords will also receive smaller amounts of rent on certain properties, with some reduced to half the original price.Arcadia’s chief executive Ian Grabiner said: “We are extremely grateful to our creditors for supporting these proposals and to Lady Green for her continued support.“After many months of engaging with all our key stakeholders, taking on board their feedback, and sharing our turnaround plans, the future of Arcadia, our thousands of colleagues, and our extensive supplier base is now on a much firmer footing.“From today, with the right structure in place to reduce our cost base and create a stable financial platform for the Group, we can execute our business turnaround plan to drive growth through our digital and wholesale channels, while ensuring our store portfolio remains at the heart of our customer offer.“I am confident about the future of Arcadia and our ability to provide our customers with the very best multi-channel experience, deliver the fashion trends that they demand, and ultimately inspire a renewed loyalty to our brands that will support the long-term growth of our business.”The proposals were passed at a second meeting on Wednesday, which came a week after the first was postponed.The initial vote was adjourned after it became clear that there was not sufficient support among landlords.Sir Philip and his wife Lady Green then proposed less severe rent cuts in a bid to appease the opponents of the proposals.However, the CVA remained contentious, with some landlords reported to have voted against.Speaking to the press after the meeting but before the result, Oliver Buhus from supplier Paragon Clothing said landlords had been “ruthless and self-serving”.“There’s no sense of taking an initiative to act collectively, it’s each landlord for himself,” he said.The proposals, which were launched last month, involve the closure of 23 stores in the UK and Ireland.Another 11 Topshop and Topman stores in the US were earmarked for closure, while an additional 25 Miss Selfridge and Evans stores were also slated to be axed.In total, at least 1,000 employees are likely to be affected.The initial plans also included a reduction in the company’s contributions to its pension fund, alongside a fresh injection of cash into the scheme.However, Arcadia agreed with the pensions watchdog last week that Sir Philip would contribute another £25 million – bringing the total cash and security package to the value of £310 million.Frank Field MP, who chairs the Work and Pensions Committee, and has been a thorn in Sir Philip’s side over the collapse of BHS, welcomed the decision, but called on the businessman and his family to make a binding promise that whatever happens, pensioners will get their full entitlement.He said: “Now that, thankfully, Arcadia’s life has been extended, the committee will try to ensure that the Pensions Regulator gets an effective programme in place to ensure that Arcadia staff receive in full the pensions that Sir Philip and Lady Green have promised them.”The city had mixed reactions, with some welcoming the jobs the deal has saved, and others questioning what this means for future CVAs.Responding to the decision, Melanie Leech, chief executive of the British Property Federation, said: “CVAs are never easy as property owners are being asked to absorb large losses, which impacts the investment that these owners manage, including many of our savings and pensions.
Speaking to the press after the meeting but before the result, Oliver Buhus from supplier Paragon Clothing said landlords had been “ruthless and self-serving”.
Dissolved 1. Other 6. Crucial CVA that would have saved Arcadia from administration has been postponed for a week as some landlords refuse to help Philip GreenThe future of 18,000 jobs hangs in the balance, as we await news from the creditors meeting.The rumour is that Arcadia landlords Aviva, M&G and Intuitively have not backed a rescue package of Sir Philip Green’s retail empire. Maria Rosca--Suleyman Boyraz. "It is good to know there is still support out there for the business, for my family and for me. Oliver Buhus PARAGON CLOTHING LIMITED. Arcadia CEO: Reasonable chance of success next week Filing history for PARAGON CLOTHING LIMITED (02498196) People for PARAGON CLOTHING LIMITED (02498196) Charges for PARAGON CLOTHING LIMITED (02498196) More for PARAGON CLOTHING LIMITED (02498196) ... BUHUS-ORWIN, Mario Correspondence address 10 Ingleby Drive, Harrow, Middlesex, England, HA1 3LE Felicity Megan Smoak (July 24, 1989- 2040) is the daughter of Noah Kuttler and Donna Smoak, the wife of the late Oliver Queen, the mother of Mia Queen and the step-mother of William Clayton. It’s catastrophic if an entity like Arcadia is no longer around. Paragon Clothing Limited is an active company incorporated on 2 May 1990 with the registered office located in London, Greater London. So far understood Intu, M&G & Aviva voting NO, with Hammerson and British Land YES.
"After many months of engaging with all our key stakeholders, taking on board their feedback, and sharing our turnaround plans, the future of Arcadia, our thousands of colleagues, and our extensive supplier base is now on a much firmer footing.
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