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Retail & Consumer

Topshop owner Arcadia to press ahead with store closures as CVA challenge dropped

The shake-up of Arcadia's shopping empire also includes 23 store closures in the º£½ÇÊÓÆµ, putting around 1,000 jobs at risk

The future of the Arcadia Group hangs in the balance(Image: Getty Images)

Topshop owner Arcadia will press ahead with store closures and rent cuts after two US landlords withdrew their opposition to the plans.

Sir Philip Green's retail group said the landlords had agreed to drop their challenges following "significant and constructive dialogue".

Following the withdrawal, Arcadia is free to move forward with its Company Voluntary Arrangements (CVAs) which were voted through by creditors in June.

As part of its restructuring plans, the company decided to push its US subsidiary into administration and close 11 Topshop and Topman stores in the market.

Ian Grabiner, chief executive of Arcadia, said that all seven of the CVAs could 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," he said.

Sir Philip Green(Image: PA)

"We can now look forward to implementing our strategy and delivering our growth plan for the Group."

The shake-up of Arcadia's shopping empire also includes 23 store closures in the º£½ÇÊÓÆµ, putting around 1,000 jobs at risk.