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Pension issues could derail Arcadia CVA

The Pension Protection Fund could vote against Arcadia’s restructuring plans at a meeting due to be held later this week.

Sir Philip Green

Sir Philip Green

The government-backed security scheme has said it is prepared to vote against a company voluntary arrangement (CVA) for Sir Philip Green’s retail empire that includes the closure of 23  of its 566 stores, The Times has reported.

Arcadia must win approval from 75% of its creditors to push forward with the plans, which also involve the slashing of rents and revised lease terms across a further 194 stores.

More store closures are expected at Miss Selfridge and Evans as the property holding companies for both retailers teeter on the brink of administration. Six Miss Selfridge stores and 19 Evans stores will be affected by the expected administrations.

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