Striving For Real Estate Support Topshop Postponing Bankruptcy Proceedings Creditors Voting

Topshop's parent company Arcadia Group Ltd.'s life and death rescue plan was originally voted on by creditors on Wednesday, but the company adjourned until June 12th when it saw the momentum was wrong.

Philip Green Philip Green's Arcadia Group Ltd. proposed two weeks ago to close 48 stores in 566 stores in the United Kingdom and Ireland through the bankruptcy procedure "company voluntaryagreement" (hereinafter referred to as CVA), reduce 1000 related jobs, and seek rent reduction for other 194 outlets.

The creditors, including pension representatives and shop owners, voted on the seven independent CVA of Arcadia Group Ltd.'s Topshop, Dorothy Perkins, MissSelfridge and other seven businesses in June 5th. Each CVA needs at least 75% of the creditors' support.

If the CVA scheme fails or fails, the CVA document calls the group "an extremely high degree of liquidation or even liquidation in an instant or short time", which means that all the 18 thousand employees of the I group will not survive.

Before the vote, Arcadia Group Ltd. had reached an agreement with the British pension authority (PensionsRegulator) and agreed to invest 75 million in the next three years to the industry pension insurance scheme - the pension fund (Pension ProtectionFund, hereinafter referred to as "PPF") to reduce the pension deficit.

In addition, Philip Green Philip Green wife, as Arcadia Group Ltd. holding company Taveta Investments Ltd. actual controller Tina Green Tina Green will invest an additional 100 million pounds, and PFF will also receive a total of 210 million pounds of assets and mortgages for the other companies.

PFF chief executive Oliver Morley said in a statement that she was pleased with Arcadia Group Ltd. and its shareholders' injection of capital and mortgages for the pension scheme. "Based on this commitment, we will vote for Arcadia CVA," Oliver Morley said.

The biggest problem with the Arcadia Group Ltd., which is the most important part of the pension plan, lies mainly in the differentiation of owners' positions.

Philip Green has promised that if the group's future sale will give the owners 20% proceeds, it will also invest 50 million in cash for the renovation of the store and upgrading of the digital business infrastructure.

According to the British media, British real estate developers British Land Co. PLC (BLND.L) and Hammerson PLC (HMSO.L) have all expressed support for Arcadia Group Ltd.'s Group, mainly holding the shopping center's malls, the investment companies, the insurance companies and the insurance companies.

Some owners think that Arcadia Group Ltd. is not going to the end of their lives, and should not ask for a substantial reduction of rent. Some real estate companies believe that the current scheme is unfair to other loyal tenants.

Some large companies worry that the rich Philip Green can also succeed on CVA, which will lead to other brands to follow suit.

Julian Lochrane, who represents three independent shopkeepers, says frankly that they have no choice but to support CVA.

In recent years, Arcadia Group Ltd. rival New Look, carpet retailer Carpetright PLC (CPR.L), mother and baby products retailer Mothercare PLC (MTC.L) and general merchandise department have quickly used the way to get rid of a large number of loss stores.

Analysts pointed out that now the owners want to use the anti Arcadia Group Ltd. gesture to convey the signal that they no longer pay for all the business losers on the high street. They believe that the current mechanism allows property owners to bear huge losses independently, while other creditors are unscathed.

However, if the worst scenario of Arcadia Group Ltd. bankruptcy liquidation occurs, the owners will leave only a large number of vacant shops on shopping centres and commercial streets.

In the past three years, the group has closed about 200 stores.

It is reported that the creditors' meeting on Wednesday lasted for five hours. As a result, more than one CVA count was rejected in the first round of counting. Arcadia Group Ltd. and its restructuring consultant, DDT Deloitte, then decided to adjourn the meeting.

Ian Garbinger, chief executive of Arcadia Group Ltd., said in a statement that it believed that the prospect of reaching agreement with most of the shopkeepers could be strengthened by recess.

In the late May, when the CVA plan was released, Topshop and Topman's us direct business had filed for bankruptcy under the fifteenth chapter of the bankruptcy law, and 11 separate stores were closed.

Although the luxury store group Nordstrom Inc. (NYSE:JWN) in the Topshop/Topman shop and the American website of the brand will continue to operate, the 67 year old Philip Green's illusions in the us to establish $one billion retail business have long been shattered, and now the only thing that greets him is sexual harassment scandals and lawsuits.

The Arizona local prosecutor last week filed a lawsuit against Philip Green on the basis of a report of a Pilates female instructor who charged four minor offences with a maximum penalty of 30 days' imprisonment and a fine of 500 dollars for a maximum sentence of one year.

Coach Katie Surridge claimed that in 2016 and 2018, Philip Green visited Tucson's Canyon Ranch luxury health Holiday Center for many times during the two visit, which made her feel "like a prostitute".

British media have revealed that Philip Green has hired Alan Jackson, the representative of the American actor Kevin Spacey Kevin Spacey, who is also facing sexual harassment charges to defend her.

Philip Green "strongly denied" all allegations of sexual harassment and racial discrimination in the United States and Britain from beginning to end.

British parliamentarians Peter Hain revealed that hundreds of complaints were filed against ArcadiaGroup Green's improper behavior within ArcadiaGroup Ltd..

One of the employees who asked Peter Hain to expose Philip Green claimed that Philip Green had repeatedly slapped female employees on the buttocks and caught their thighs and even their breasts. Although the victims were on the employment tribunal, they could not compete with the group's legal team and could only sign a confidentiality agreement.