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    Topshop, The Former King Of High Street, Will Announce The Bankruptcy Reorganization Plan

    2019/5/23 9:53:00 9604

    Topshop

    The poor performance of Arcadia Group Ltd., the parent company of the high street fashion brand in the UK, is about to be released with the bankruptcy reorganization plan announced in the fastest week this week. Topshop

    The Sunday times claimed to have passed the Arcadia Group Ltd.'s "Company VoluntaryAgreement" (company voluntary agreement, CVA) program, and disclosed that the group's revenue fell by 10.5% to 1 billion 700 million pounds in the fiscal year ended August 2018, a 7.5% decrease from sales.

    According to market research firm Kantar, the income of Arcadia Group Ltd. fell further by 5% in the first 12 weeks to March 10, 2019.

    Analysts pointed out that the group's recession began in the summer of 2015, and so far the market share has contracted by 100 basis points to 3.2%.

    Under the impact of the retail industry change, the sluggish British demand and the competition of the same industry, the Arcadia Group Ltd., which was enough invested by the boss Philip Green Philip Green, has not been completely flagging. The flagship brand Topshop is the first to bear the brunt. The comparable sale of the brand has dropped by 20% before Christmas.

    Retail and real estate insiders describe the group's stores as "boring" and "shabby," and the online shopping platform is completely unable to compete with ASOS PLC (ASC.L) and Boohoo Group PLC (BOO.L). Its Dorothy Perkins and Miss Selfridge are also outdated.

    Philip Green plans to close 57 stores in the UK through the CVA process, and strive to reduce the average 30% rent for the remaining 459 stores.

    A commercial real estate developer pointed out that if ArcadiaGroup Ltd. does not resort to CVA and other means, it is likely to go bankrupt within six months. If Philip Green fails to reach an agreement with the owner on CVA after the deadline for the end of June, it will also face the risk of bankruptcy.

    Due to the complexity of the Arcadia Group Ltd. architecture, the group needs to apply for eight CVA, and at least 75% of the store owners support each program.

    It is reported that the owners are dissatisfied with PhilipGreen's commitment to cash in the Arcadia Group Ltd. 100 million pounds to refurbish the store and rebuild the brand. The Philip Green has offered a 10% stake in ArcadiaGroup Ltd. for owners to support CVA, but some owners have asked to increase the proportion to 30%.

    At the same time, Philip Green is discussing with the Arcadia Group Ltd. pension fund trustees to reduce pension investment.

    Two years ago, he only raised the annual pension of Arcadia Group Ltd. in the next ten years from 25 million pounds to 50 million pounds on the cusp of bankruptcy in BHS department store, and now he plans to cut it back to 25 million pounds.

    It is reported that pension regulatory agencies and the British PensionProtection Fund pension protection foundation have rejected the request of Philip Green, and they have the right to vote against CVA of Arcadia Group Ltd..

    The supply chain also has a higher liquidity pressure on the group, and its suppliers are unable to obtain credit insurance, which means that the group needs adequate cash advance payment for goods.

    Media said Philip Green did not rule out the sale or end of international business, and most international markets are losing money.

    At present, Arcadia Group Ltd. has 1170 sales outlets in 36 countries, more than half of which are department store counters. Only Ireland, France, Germany, Holland, the United States and Australia are independent stores.

    Last month, PhilipGreen just bought a 25% stake in Topshop/Topman's US business in the hands of Holdings Company's Leonard Green & Partners LP at a rumored 1 pounds.

    The real estate news source told the guardian: "now the name of Green is almost poisonous."

    Based on the scale of Arcadia Group Ltd., the impact on the local community and the series of bad practices of Philip Green, the source expects that its CVA will cause great controversy.

    It is reported that in October 2018, Philip Green tried to pass the law to the media, but instead of being racist and sexually harassed by politicians, she left the UK and did not set foot in the London headquarters of Arcadia Group Ltd..

    Philip Green wife Tina Green Tina Green is a tax havener in Monaco.

    People who have also settled in Monaco on Sunday's times rich list have revealed to the media that Philip Green has often seen walking alone on the beach in the near future. "He can't see it very well," the rich man claimed.

    Philip Green's Arcadia Group Ltd. paid 1 billion 200 million pounds to TavetaInvestments Ltd., a controlling company controlled by Tina Green in 2005, in the name of repaying interest on loans. Over the years, the Philip Green couple made a profit of over 1 billion 500 million pounds from the Philip, but in 2015, they sold 1 of the pension deficit of 571 million pounds to the former racing driver who had no retail experience and three bankruptcy. The 87 year old British department store went bankrupt and finally went bankrupt.

    According to the "Sunday times 2019 richest list" released last week, the net assets of Philip Green have evaporated 1 billion 50 million pounds in the past year, and their net worth dropped to 4 billion 900 million pounds from the peak of 2006 and 2007.

    What's more, because Arcadia Group Ltd. has a huge pension deficit and a large number of deficit stores are ready to close, the group that valued 750 million pounds last year is now worthless.

    Source: no fashion Chinese Web

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