{"id":161600,"date":"2019-06-03T08:40:56","date_gmt":"2019-06-03T08:40:56","guid":{"rendered":"https:\/\/www.theindustry.fashion\/arcadia-faces-angry-creditors-in-battle-to-stave-off-bankruptcy\/"},"modified":"2021-08-12T13:56:44","modified_gmt":"2021-08-12T13:56:44","slug":"arcadia-faces-angry-creditors-in-battle-to-stave-off-bankruptcy","status":"publish","type":"post","link":"https:\/\/www.theindustry.fashion\/arcadia-faces-angry-creditors-in-battle-to-stave-off-bankruptcy\/","title":{"rendered":"Arcadia faces angry creditors in battle to stave off bankruptcy"},"content":{"rendered":"
Sir Philip Green\u2019s 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.<\/p>\n
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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.<\/p>\n