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Arcadia CVA plans under fire from Pensions Regulator

Arcadia’s proposals to close stores and slash rent bills as part of a “comprehensive” turnaround plan have been met with criticism from the Pensions Regulator.

Sir Philip Green’s retail empire has earmarked 23 stores out of its total 566 UK and Irish trading locations for potential closure. It has also put forward rent reductions and revised lease terms across a further 194 locations, and will close all 11 Topshop/Topman stores in the US.

However, the pensions body has warned that it does not consider the proposals “sufficient” to protect members of Arcadia’s scheme, Retail Week reported.

Arcadia has also proposed reducing contributions from the company to its pension schemes from £50m to £25m per year over the next three years. Green’s wife, Lady Green, who is Arcadia’s main shareholder, has offered to bridge the shortfall with an additional £25m per year. 

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