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Arcadia set for crunch CVA meeting

Directors from Arcadia will reportedly meet today to discuss plans for a Company Voluntary Arrangement (CVA), as Sir Philip Green seeks a rescue plan for his high street empire.

According to Sky News, directors at the business could make a decision over whether or not to move forward with a CVA proposal during the meeting held on Tuesday 30 April.

The retailer has been in discussions with landlords over a CVA, which has been expected to launch in the coming weeks, as it seeks to close some stores and reduce the rents of others.

Arcadia hired advisers from Deloitte to explore a raft of store closures in January.

Yesterday it was reported that Arcadia had struck a deal with HSBC that gives the bank security over several millions of pounds worth of cash deposits ahead of a restructuring.

The group has 571 stores and 388 concessions in its UK portfolio, which includes Topshop, Topman, Dorothy Perkins, Miss Selfridge, Evans, Wallis and Burton.

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