Arcadia may have sweetened the terns of its CVA to win landlord support at a series of votes due on Wednesday afternoon, but one major landlord, mall owner Intu, is set to vote against the plan, a report said on Tuesday.
Monsoon Accessorize has delayed its company voluntary arrangement plan in the wake of the delay to Arcadia’s CVA. Reports suggested Monsoon boss Peter Simon had been planning to launch a CVA as early as last Friday.
Philip Green's Arcadia on Friday improved the terms of his restructuring plan for the struggling retailer, which he needs creditors to approve to prevent the group, which employs 18,000, collapsing into administration.
Tuesday’s news of an Arcadia pension fund deal seemed to suggest the group’s CVA has a chance of getting through, but a new report says a key landlord will oppose the CVA plan, leaving it on a knife edge.
And the results of the Arcadia CVA meeting? Well, we don't actually know as yet as it seems that a decision has been postponed for a week so the fashion retail giant could conduct more talks with “a few landlords”.
Monsoon Accessorize’s attempt to reshape its business to give it a brighter future could run into a stumbling block as the landlords of the stores that it occupies make demands in return for supporting a possible CVA.