The Business of Fashion

Agenda-setting intelligence, analysis and advice for the global fashion community.

US Property Trust Challenges Arcadia's Restructuring Plan

Arcadia said the challenges to the Company Voluntary Agreements, which were approved in June by the required majority of creditors, were "without merit."

Reuters

16 July 2019

LONDON, United Kingdom — Philip Green's fashion empire Arcadia Group on Tuesday said it received applications from legal entities of US-based property group Vornado challenging two of its seven planned Company Voluntary Agreements (CVAs).

Arcadia said the challenges to the CVAs, which were approved in June by the required majority of creditors, were "without merit," adding it would defend itself against them.

"Our Group continues to trade as normal and we remain focused on delivering our turnaround plans," Arcadia Group Chief Executive Ian Grabiner said in an emailed statement.

CVAs have been carried out by several British retailers, including fashion chain New Look, floor coverings firm Carpetright, mother-and-baby goods group Mothercare and department store chains House of Fraser and Debenhams.

By Samantha Machado and Muvija M; Editor: Louise Heavens.

In This Article

Topics

Retail

People

Philip Green

Organisations

Arcadia Group

Location

London, United Kingdom

Brands Owed Millions After Matchesfashion Collapse

Designer brands including Gucci and Anya Hindmarch have been left millions of pounds out of pocket and some customers will not get refunds after the online fashion site collapsed owing more than £210m last month.

US Sues to Block $8.5 Billion Union of Coach, Michael Kors

Antitrust enforcers said Tapestry’s acquisition of Capri would raise prices on handbags and accessories in the affordable luxury sector, harming consumers.

Op-Ed | How Long Can Adidas Surf the ‘Terrace’ Trend?

As a push to maximise sales of its popular Samba model starts to weigh on its desirability, the German sportswear giant is betting on other retro sneaker styles to tap surging demand for the 1980s ‘Terrace’ look. But fashion cycles come and go, cautions Andrea Felsted.

How Rent the Runway Came Back From the Brink

The rental platform saw its stock soar last week after predicting it would hit a key profitability metric this year. A new marketing push and more robust inventory are the key to unlocking elusive growth, CEO Jenn Hyman tells BoF.