US landlords drop challenges against Arcadia CVA

Arcadia Group is set to move forward with its restructuring plans after two US landlords dropped challenges against two of its company voluntary arrangements (CVAs).

The decision came following “significant and constructive dialogue” with the two landlords, Arcadia said in a statement on Tuesday.

Ian Grabiner, CEO of Arcadia Group, said: “With these legal challenges now withdrawn all the components of the CVAs can now be implemented. On behalf of the board, I would like to thank all of our staff, customers and creditors for their loyal support during this tough period for retail businesses. We can now look forward to implementing our strategy and delivering our growth plan for the group.”

Arcadia, which owns Topshop, Dorothy Perkins, Miss Selfridge, Wallis, Evans and Burton, received the green light in June by its creditors to move forward with plans to close 23 of its stores across the UK and Ireland.

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