Sir Philip Green In Final Bid To Save Retail Empire
Sir Philip Green has made a last-ditch attempt to save his retail empire from collapse by seeking a less severe rent reduction from landlords of his stores. Earlier this week, a vote on Sir Philip’s rescue deal for Arcadia, which includes Topshop, was postponed after some landlords refused to back it. Sir Philip is now asking landlords to agree to rent cuts of between 25% and 50%, instead of 30% to 70%. This shortfall in rent will be plugged by £9.5m provided by the Green family. However, that commitment could rise to up to £29m during the three-year period of the deal. Landlords of the troubled group’s stores, which also include Miss Selfridge and Dorothy Perkins, were due to vote on the rescue deal, known as a Company Voluntary Arrangement (CVA), on Wednesday, but it was postponed “to conduct further dialogue with a few landlords”. Read more at BBC News.
