Sir Philip Green’s Arcadia Group has seen off legal challenges to its controversial store restructuring, brought by two landlords in the US.
The landlords, Vornado Realty Trust and Caruso, had initially disputed Arcadia’s use of company voluntary arrangements, which had enabled it to close all 11 of its US stores.
They have since agreed to withdraw their challenges. Arcadia said there are no outstanding challenges to its CVAs, which can now be carried out in full.
Ian Grabiner, chief executive of Arcadia, said: “With these legal challenges now withdrawn all the components of the CVAs can now be implemented.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.”
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