Arcadia Group restructuring details revealed amid sales slump

ELIAS JAHSHAN | May 20, 2019

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The financial state of Arcadia Group has been laid bare in documents sent to landlords, reigniting speculation that a CVA could be launched imminently. According to The Sunday Times, Sir Philip Green’s retail empire sent a CVA proposal to landlords last week, along with details on its declining total and like-for-like sales last year. The CVA proposal reportedly includes plans to close down 57 stores, slash rents across the rest of the group’s store estate by an average of 30 per cent, and sell off its international businesses, most of which are loss-making. The documents also reportedly revealed that Arcadia’s like-for-like sales plunged by 7.5 per cent in the year to August 2018, while total sales slumped 10.5 per cent to £1.7 billion.

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