Fate of 18,000 high street staff to be decided in Philip Green meeting
PUBLISHED: 10:15 12 June 2019 | UPDATED: 10:15 12 June 2019
The fate of 18,000 high street employees will be decided today as Topshop’s founder Sir Philip Green enters make-or-break talks with creditors.
The vote will decide whether landlords will cut rents on Arcadia stores like Topshop, Wallis, Burton, Miss Selfridge and Evans, to keep them in situ.
The creditors will be asked to vote on seven separate company voluntary arrangement (CVA) proposals.
MORE: East Anglian distillers toast export success as 'gin craze' grips world market
Arcadia has stores across Norfolk, including in Norwich's Haymarket as well as in Great Yarmouth and King's Lynn.
You may also want to watch:
Should the CVAs not be approved, 18,000 staff across the stores will stand to lose their contracts.
Voting was supposed to take place last Wednesday, but was postponed when it became clear that some of the CVA proposals were heading for failure without more concessions from Sir Philip and Arcadia.
It is understood that only those proposals which did not receive enough support at a previous meeting last week will be voted on again.
If passed at a meeting in central London at 12pm on Wednesday, at least 23 stores will close.
A further 25 Miss Selfridge and Evans outlets have also been earmarked for closure as part of a restructuring process that is separate from the CVAs.
It is not yet known which or where these stores are.
If you value what this story gives you, please consider supporting the Great Yarmouth Mercury. Click the link in the yellow box below for details.