Arcadia faces angry creditors in battle to stave off bankruptcy

Arcadia Sir Philip Green
Sir Philip Green

Sir Philip Green’s retail empire Arcadia faces a crunch meeting with creditors this week as it tries to avert a collapse into administration which could put 18,000 jobs at risk.

The group, which operates 570 shops, must win approval from 75% of its creditors, most of whom are landlords, for a restructuring which will enable it to close at least 23 stores and cut rents by up to 70% on nearly 200 more.

Read the full article on The Guardian.