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Arcadia close to deal with US landlords

Sir Philip Green is reported to be close to a resolution of the legal challenges brought against his Arcadia Group’s company voluntary arrangement by two US landlords.  

The retail tycoon is close to achieving out-of-court settlements to challenges brought by Vornado and Caruso, The Sunday Times has reported. 

Both landlords disputed Arcadia’s use of a CVA, which enabled it to close almost 50 stores and cut rents on a further 194 in the UK. 

Five landlords, led by Vornado, claimed Arcadia “manipulated and gerrymandered” its CVA in the UK to effect the “complete forfeiture and deprivation” of their rights. The group filed a legal challenge against Topshop’s liquidation in the US in a bid to recoup losses from the closure of 11 stores, which they claim in to be in excess of £100m. 

Vornado and Caruso’s separate challenges are now reportedly likely to be withdrawn based on negotiations with Green. 

The Arcadia empire includes mid-market brands Topshop, Topman, Burton, Miss Selfridge, Evans, Wallis and Dorothy Perkins

Arcadia declined to comment.

 

 

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