LONDON, United Kingdom — Philip Green's Arcadia Group said on Tuesday it could now push ahead with its restructuring plan after two US landlords dropped their opposition to the planned Company Voluntary Arrangement (CVA).
CVAs have been carried out by several British retailers, enabling them to close stores and reduce their rent burden, prompting retail property landlords to start to fight back.
Green's fashion empire had said in July that it received applications from legal entities of US-based property group Vornado challenging two of its seven planned CVAs. Media reports said landlord Caruso had also objected.
"With these legal challenges now withdrawn all the components of the CVAs can now be implemented," Chief Executive Ian Grabiner said. "We can now look forward to implementing our strategy and delivering our growth plan for the group."
By Kate Holton; editor: Costas Pitas.