Arcadia Group has said it will fight a legal challenge against its company voluntary arrangements, launched by its landlords in the US.
The retailer said it has received applications from legal entities belonging to US property group Vornado Realty Trust, challenging its Arcadia Group Limited and Topshop Topman CVAs.
Ian Grabiner, chief executive of Arcadia Group, said: “These challenges are entirely without merit and we will vigorously defend them. The CVAs are a vital part of our restructuring, putting the business on a firm financial footing and enabling significant investment as part of our growth plans, which will ultimately benefit all our stakeholders.
“Our group continues to trade as normal and we remain focused on delivering our turnaround plans.”
As part of its widespread store restructuring, Arcadia plans to shut all 11 of its US stores.
The US landlords formally disputed the claim in June, alleging that they were frozen out of the retailer’s rescue plans.
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