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Arcadia appoints advisers ahead of possible CVA

Arcadia Group has appointed property advisers ahead of a possible company voluntary arrangement. 

The retail group has appointed property consultancy GCW to work with Deloitte on restructuring the business. 

Owner Sir Philip Green hired advisers from Deloitte to explore a raft of store closures in January. The group has 571 stores and 388 concessions in its UK portfolio.

The news comes after it was reported that property agencies CBRE and JLL declined to work with Arcadia on the insolvency procedure. 

In a statement earlier this month, Arcadia said it would not close a ”significant” number of stores: “None of the options being explored involve a significant number of redundancies or store closures. The business continues to operate as usual including all payments being made to suppliers as normal.”

Arcadia has reportedly closed 210 shops over the last two years, or around a fifth of its store portfolio.

Drapers has contacted Arcadia for comment. Deloitte and GCW have declined to comment. 

More to follow. 

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