Money: Philip Green set for Arcadia showdown - PressFrom - United Kingdom
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MoneyPhilip Green set for Arcadia showdown

11:55  03 june  2019
11:55  03 june  2019 Source:   theweek.co.uk

Green to unveil revamp of Topshop empire

Green to unveil revamp of Topshop empire The high street tycoon Sir Philip Green is to launch a make-or-break revamp of his Topshop empire that could see landlords handed a shareholding of more than one-third of the business. Sky News understands that Sir Philip's Arcadia Group is preparing to unveil a Company Voluntary Arrangement (CVA) restructuring by the end of the week - with an announcement possible as soon as Wednesday afternoon. City sources said that Arcadia's board was expected to press ahead with the plans despite continuing dissent from several stakeholders.

The extent of the decay in Sir Philip Green ’s retail empire has been laid bare in documents posted as part of his plan to cut rents and close stores. ● Arcadia ’s total sales slumped by 10.5% to £1.7bn in the year to last August. ● Like-for-like sales fell by 7.5%. ● If approved, the CVA would result in the

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Philip Green set for Arcadia showdown © Provided by Dennis Publishing Limited

Sir Philip Green is facing fresh charges of sexual misconduct, this time in the US, as the embattled retail tycoon faces a make-or-break week which could see his Arcadia empire plunged into administration.

Green, who has faced calls for his knighthood to be stripped after allegations emerged of sexual impropriety and abuse surfaced last year, faces four counts of misdemeanour assault.

The charges come after a fitness instructor in Arizona alleged that he repeatedly touched her inappropriately. Pima County Attorney's Office said each count carries a potential sentence of up to 30 days in jail and if found guilty Green could also face a fine of up to $500 (£400) and up to a year of probation on each count, the attorney's office said.

Sir Philip Green's flagship Miss Selfridge store in Oxford Circus could be among dozens of Arcadia shops to close

Sir Philip Green's flagship Miss Selfridge store in Oxford Circus could be among dozens of Arcadia shops to close Sir Philip’s Arcadia Group, which includes brands such as Topshop, Burton, Dorothy Perkins and Evans, has been hit by the wider crisis facing the high street as shoppers turn online. Last week Arcadia said it plans to close 23 stores in a restructuring process called a company voluntary arrangement, which allows it to renegotiate rents and shut under-performing shops. The plans will put at least 520 jobs at risk. And now it has emerged Arcadia will close another 25 stores – with the brunt of the closures being forced upon Evans and Miss Selfridge, which appeals to teenagers and young women.

Philip Green set for showdown with shopping centre landlords over rents. Retail tycoon Philip Green is set for a showdown with some of the UK’s biggest landlords after his Arcadia Group drew up a list of stores it no longer wants to operate, including in some of the UK’s best-known shopping

Philip Green pressed to inject more cash into Arcadia . Landlords and Pension Regulator conclude not enough money will be invested in business. Arcadia retail empire draws up list of stores it wants to exit. Philip Green set for showdown with shopping centre landlords over rents.

Charges against Green come “as his business faces significant challenges”, The BBC says, with nearly 50 stores due to close and MPs calling on him to use his own wealth to fund the company’s pension scheme.

Philip Green set for Arcadia showdown © Getty

This week, Green faces a crucial vote on the future of his Arcadia empire. “If landlords and the pension regulator vote against his proposal to repay creditors over a fixed period, the business could go into administration”, says the BBC.

In a bid to secure the support of creditors, Green has put one of his prized central London properties on the market for £90m. It follows a pledge to invest £135m in an overhaul of Topshop, Dorothy Perkins and Wallis, as part of an effort to win rent reductions and approval for store closures in a vote of landlords.

Sir Philip Green sets out a £135m overhaul to save Arcadia with stores refurbished and a website revamp

Sir Philip Green sets out a £135m overhaul to save Arcadia with stores refurbished and a website revamp The strategy, which is part of a last-ditch attempt to keep the business afloat, is explained in an email sent yesterday by Ian Grabiner, the chief executive of Arcadia.

Sir Philip Nigel Ross Green (born 15 March 1952) is a British billionaire businessman, and the chairman of Arcadia Group, a retail company that includes Topshop, Topman, Wallis, Evans, Burton

Philip Green could close overseas stores as part of Arcadia rescue. The Guardian. Sunday Papers: Philip Green braced for Arcadia showdown .

Property sources said building owners were leaning towards “reluctantly approving” the restructuring as the alternative is administration, The Daily Telegraph reports.

“Others remain concerned the Green family has taken out £1.2bn in dividends while squeezing investment”, says the paper, with the regulator demanding the Greens pump in £50m to Arcadia’s pension scheme, “raising doubts over whether Sir Philip’s plans will be approved”.

Philip Green set for Arcadia showdown © Getty The future of Green’s Topshop empire is “on a knife-edge”, The Times reports, as pensions authorities threaten to kill the controversial restructuring to close stores and cut rents.

A source close to the Pension Protection Fund, the lifeboat for final salary schemes, said it was prepared to vote against a company voluntary arrangement (CVA) for Arcadia Group, saying “it’s all going to the wire”.

However, a source close to Green said the authorities would not “dare” to vote against the CVA and risk tipping Arcadia into administration.

Gallery: From Athena to Zavvi, shops that disappeared forever from UK high streets (Lovemoney)

Arcadia did not come close to collapse, says Sir Philip Green.
The group announced on Wednesday that its company voluntary arrangements had all been voted through at a reconvened meeting of creditors.

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