Creditors back Philip Green's sweetened Arcadia restructuring deal

FILE PHOTO: People walk past a Burton and Dorothy Perkins store, owned by Arcadia Group, in central London, Britain June 5, 2019. REUTERS/Henry Nicholls - Copyright HENRY NICHOLLS(Reuters)

By Reuters

Published on 12/06/2019 - 18:34•Updated 26/04/2024 - 12:28

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LONDON (Reuters) - Creditors of Philip Green's Arcadia fashion group on Wednesday approved the struggling British retailer's sweetened restructuring plan, enabling the business to stave off a collapse into administration.

"Arcadia Group is pleased to announce that all seven of its Company Voluntary Arrangements (CVAs) have today been approved by the required majority of the companies’ creditors, including its pension trustees, suppliers and landlords," the retailer said.