Seven CVAs put forward by Sir Philip Green’s Arcadia Group were narrowly approved by its landlords.


Source: Shutterstock/ Willy Barton

The proposals, which included the closure of 23 stores and rent cuts across 194 of its then-566-store empire, hit the 75% approval rating it needed.

Green said at the time: “At the end of the day, more landlords voted for it than voted against it. Let’s take this in tonight and move forward tomorrow.”

The Arcadia Group eventually collapsed into administration in November 2020, one of the most high-profile casualties of the Covid pandemic to date.