Arcadia faces angry creditors in battle to stave off bankruptcy
The Guardian
03 June 2019
Sir Philip Green’s retail empire Arcadia faces a crunch meeting with creditors this week as it tries to avert a collapse into administration which could put 18,000 jobs at risk.
The group, which operates 570 shops, must win approval from 75% of its creditors, most of whom are landlords, for a restructuring which will enable it to close at least 23 stores and cut rents by up to 70% on nearly 200 more.
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