Philip Green’s Arcadia group is facing a court battle over its plans to reduce rents through a restructuring process. However, US property giant Vornado is now challenging two of the seven Company Voluntary Agreements (CVAs). The legal challenge by the New York-based property group concerns the two CVAs relating to Topshop and Topman stores. Acadia chief executive Ian Grabiner has dismissed the challenges, describing them as “without merit” and said Mr Green’s group would “vigorously defend” itself. Arcadia – which also owns Burton, Miss Selfridge and other high street brands – received backing from landlords for its restructuring plans last month.

Source: Irish Examiner July 16, 2019 09:33 UTC