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Arcadia closures: What is a CVA and what happens now?

News Summed Up 2019-06-12 05:30:00

Creditors have approved plans for store closures and rent reductions across Sir Philip Green’s Arcadia group – which is behind Topshop, Evans, and other high street shops. Creditors have approved plans for store closures and rent reductions across Sir Philip Green’s Arcadia group – which is behind Topshop, Evans, and other high street shops. A company voluntary arrangement (CVA) is a way for companies to avoid administration by persuading creditors – usually landlords – to cut the bills. No date for closures has been announced but in recent similar situations, most stores have been shuttered within a few months. Arcadia will still need to contend with falling high street footfall and competition from online players if it is to survive.


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