// Arcadia receives the majority of its creditors' approval for 7 CVAs
// Lady Green will invest 50 million pounds in the group
// Arcadia agrees with the Pension Fund to cut its contributions from £ 50m to £ 25m per annum
The Arcadia Group has announced that its CVAs have been approved by the required majority of creditors.
Arcadia Pension Trustees, Suppliers and Landlords today visited the Company's second Annual Creditors' Meeting to discuss the Group's seven separate CVAs.
The wife of Sir Philip Green, owner of Arcadia, Lady Green, has agreed to invest 50 million pounds in the group as long as the risk of CVA legal challenge is ruled out.
After the meeting, Arcadia did not announce the number of creditors who voted for the CVA.
The group was advised by GCW to complete a CVA that would ultimately result in 23 closures and rental cuts in nearly 200 stores.
Arcadia has agreed with the pension fund to cut its contributions from £ 50 million to £ 25 million a year.
"After many months of exchanging views with key stakeholders, taking into account their feedback and passing on our turnaround plans, the future of Arcadia, our thousands of colleagues and our extensive supplier base is now much more stable," said Arcadia CEO Ian Grabiner said ,
"With the right structure to lower our cost base and create a stable financial platform for the Group, we can now implement our business reversal plan to drive growth through our digital and wholesale channels while ensuring that our store portfolio is up to date Stand remains the centerpiece of our customer offer.
"I am confident in the future of Arcadia and our ability to provide our customers with the best possible multi-channel experience, deliver the fashion trends they desire, and ultimately promote renewed loyalty to our brands, which support our long-term growth Business, "he said.
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