Arcadia revealed some details of its long-rumoured CVA plan late Wednesday afternoon with an exit from its US stores and closures in the UK and Ireland that will affect 520 jobs. It will also focus more on digital.
Analysts expect fashion retail giant Arcadia to announce its CVA as early as this week with the sale or closure of its business outside of the UK also possible along with the closure of 57 UK stores as sales still fall.
Arcadia is believed to have struck a deal with bank giant HSBC for the latter to act as a guarantor of its ability to pay its suppliers as it works towards a possible CVA, which some analysts are expecting this week.
As reports continue to suggest that Topshop owner Arcadia is to launch a CVA within weeks, it has also emerged that the company is to offer Arcadia Group shares to its landlords in return for their support.
The embattled UK retail industry was dealt another blow on Friday after news emerged that Arcadia is considering a restructuring process which could result in significant store closures and job losses.