Sir Philip Green’s Arcadia retail empire has been saved by a rescue deal that will trigger the closure of 48 stores and a thousand jobs.
The plan, a Company Voluntary Arrangement (CVA), was approved by Arcadia’s creditors.
After a week’s delay and five hours of discussion Arcadia’a landlords finally agreed to rent cuts, 23 store closures and 520 job losses.
Following the CVA, another 25 stores and another 500 jobs will be axed.
Ian Grabiner, CEO of Arcadia Group, said he was “confident about the future of Arcadia”.
“From today, with the right structure in place to reduce our cost base and create a stable financial platform for the Group, we can execute our business turnaround plan to drive growth.”