US landlords drop legal challenge against Arcadia
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The two US landlords involved in the legal challenge against Arcadia’s company voluntary agreements (CVAs) have dropped their case, following “significant and constructive” dialogue.
Arcadia received the challenge US property firms Vornado and Caruso in July, following the approval of seven CVAs in June.
The CVAs will see all 11 Topman and Topshop stores close in the US. Vornado owns both of Topshop’s New York stores.
Ian Grabiner, CEO of Arcadia Group, said: “With these legal challenges now withdrawn all the components of the CVAs can now be implemented. On behalf of the board, I would like to thank all of our staff, customers and creditors for their loyal support during this tough period for retail businesses.
“We can now look forward to implementing our strategy and delivering our growth plan for the Group.”
The withdrawal will allow Arcadia to go ahead with its restructuring, which will see more than 23 stores across the UK close.
