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The Monday Briefing: Arcadia and Debenhams

What you need to know from this weekend’s news

Debenhams fails to make pension payments: Debenhams has failed to make an agreed April top-up payment into its pension scheme, The Telegraph has reported. This was a payment to help close the deficit and had previously been agreed by trustees.

It comes as Debenhams is preparing to file a notice of intention to appoint administrators as early as this week.

Arcadia to close stores: Sir Philip Green’s Arcadia Group is preparing to walk away from several stores because of the impact of coronavirus, The Sunday Times reported. It said that it could serve notice to landlords to exit many of its 550 stores this week.

Under the terms of its company voluntary arrangement last year, Arcadia has the right to walk away from leases at relatively short notice.

Arcadia faces winding-up order: Arcadia Group also faces a winding-up order after cancelling payments to suppliers. The Telegraph reported that Principle Systems, a subsidiary of marketing company Principle Global, has filed a winding-up petition against the retail group.

Arcadia has been approached for comment. 

Retailers stop taking warehouse deliveries: Primark, Next, Arcadia Group and Peacocks have stopped taking deliveries to their warehouses because of lack of space, The Guardian reported. It said that warehouse space across the UK was more than 90% full. 

 

 

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