Facebook Linked In Twitter

President Expresses Condolences To Lebanon And Readiness To Provide Assistance

Natasa Pilides: Reaffirming Priorities On Energy Issues



brought to you by CIPA

Sir Philip Green's Arcadia Rescue Plan Faces US Legal Challenge

Sir Philip Green's Arcadia Rescue Plan Faces US Legal Challenge

Topshop owner’s plans threatened by legal action from New York property group, The guardian reports.

Sir Philip Green’s rescue restructure of his Topshop-to-Burton retail empire is under threat from a US property group’s legal challenge.

New York-based Vornado has filed papers at the high court challenging two of the seven restructuring deals approved by Arcadia’s creditors last month. Vornado is the landlord of Topshop’s Broadway and Fifth Avenue stores, which were closed after Arcadia’s US arm went into administration last month.

Arcadia, which employs about 17,000 people and owns Dorothy Perkins, Miss Selfridge, Evans, Topman, Wallis and Outfit as well as Topshop and Burton, has seen sales and profits slide amid rising competition and costs as well as years of underinvestment by Green

The former billionaire’s retail empire staved off collapse last month after winning the backing of creditors for a rescue plan that involves the closure of 50 of its 570 stores and 1,000 job losses.

The plan involved seven company voluntary arrangements (CVAs), which are insolvency procedures that have been used to shut stores by a growing number of high-street retailers, including New Look, Debenhams and Mothercare.

Ian Grabiner, the chief executive of Arcadia Group, said: “These challenges are entirely without merit and we will vigorously defend them.

“The CVAs are a vital part of our restructuring, putting the business on a firm financial footing and enabling significant investment as part of our growth plans which will ultimately benefit all our stakeholders. Our group continues to trade as normal and we remain focused on delivering our turnaround plans.”

Vornado was among a group of landlords that recently lost an attempt to challenge Arcadia’s restructuring plans in the New York bankruptcy court, where they argued they had been “frozen out” of the process. The US court ruled that the landlords could submit their claims in the UK.

The challenge has not delayed Arcadia’s plans to cut rent or close stores even though these actions may have to be unwound if Vornado wins in court.

A new funding package for Arcadia’s pension fund, which is reliant on completion of the CVAs, will also be put on hold until the challenge has been resolved.

Green and Arcadia won support for its restructure from the Pensions Regulator, the group’s pension fund trustees and the Pension Protection Fund, an industry-backed lifeboat for collapsed companies’ savings schemes.

They gave their support after Green’s Monaco-based wife, Tina, who is the official owner of Arcadia, agreed to pump £100m into the scheme over three years, alongside a £285m contribution in property assets and cash payments from the company itself once the CVAs are completed.



EU Secures Treatment Doses Of Veklury For COVID-19

In a press release, the EU announced today that a contract has been signed with the ...

Tesla Growth Continues Despite Economic Upheaval

Electric car maker Tesla has shrugged off the economic upheaval caused by the pandemic to ...

Uber Drivers To Launch Legal Bid Against App Over Data Use

Minicab drivers will launch a legal bid to uncover secret computer algorithms used by ...



New Book By Blair Sheppard, Global Leader For Strategy & Leadership Of The PwC Network

The new book by PwC's Global Leader for Strategy and Leadership, Blair Sheppard entitled “TEN YEARS TO MIDNIGHT: Four Urgent Global Crises and Their ...

EC Opens Investigation Into Proposed Acquisition Of Fitbit By Google

In a press release, the European Commission announced yesterday it has opened an in-depth investigation to assess the proposed acquisition of Fitbit by Google ...

The 4th Project Management Conference: Digital Edition

The Project Management Institute (PMI) Cyprus Chapter is organising the 4th Project Management Conference on 26 November 2020, from 15:00 to 17:00. ...

President Expresses Condolences To Lebanon And Readiness To Provide Assistance

Cyprus President Nicos Anastasiades has expressed his deep condolences to the government and people of Lebanon and readiness to provide any assistance deemed ...

16th CFO Management Forum & Awards

EY presents the 16th CFO Management Forum & Awards on Tuesday, September 15, 2020. This is a digital event, addressed to CFOs, Finance Directors and ...

Natasa Pilides: Reaffirming Priorities On Energy Issues

The Cyprus-Egypt priorities on energy issues were reaffirmed during a video conference held on Monday between Cyprus Minister of Energy, Trade and Industry ...

Conclusion Of International Tender For Larnaca Port And Marina Development

The Cyprus Ministry of Transport, Communications and Works announced on Monday the successful conclusion of the international tender for the development of the ...

The Winners Of The IslandAdventuresCy Competition By Petrolina

Petrolina announced the eight winners of the IslandAdventuresCy competition by Petrolina. The competition took place on Instagram and Facebook from July 2-30. ...