// Arcadia’s meeting to finalise CVA decision adjourned until June 12
// Arcadia has plans to take out a CVA to shut 23 stores, which will result in 520 job cuts
// The CVA will also support rent reductions on 194 additional stores across its UK & Irish operations
Arcadia Group has announced that the final decision on securing CVAs for its company is adjourned until June 12.
The group revealed in a meeting today the decision to adjourn today’s creditors’ meetings in order to conduct further dialogue with a few landlords, with a view to securing a final decision on the seven CVAs.
Arcadia, which is the parent company of Topshop, Topman, Burton, Dorothy Perkins, Miss Selfridge, Wallis and Evans, had plans to take out a CVA to shut 23 stores, resulting in 520 job cuts, as well as rent reductions on 194 additional stores across its UK and Irish operations.
Arcadia’s 11 Topman and Topshop stores in the US are also set to either close down or be sold off.
Another 25 stores under the Evans and Miss Selfridge fascias will shut down as part of separate insolvency proceedings, including the flagship Miss Selfridge store on Oxford Street.
“It is in the interests of all stakeholders that we adjourn today’s meetings to continue our discussions with landlords,” Arcadia chief executive Ian Grabiner said.
We believe that with this adjournment, there is a reasonable prospect of reaching an agreement that the majority of landlords will support.”