Philip Green's fashion empire Arcadia Group said on Tuesday it received applications from legal entities of US-based property group Vornado challenging two of its seven planned Company Voluntary Agreements (CVAs). Philip Green's fashion empire Arcadia Group said on Tuesday it received applications from legal entities of US-based property group Vornado challenging two of its seven planned Company Voluntary Agreements (CVAs). Arcadia said the challenges to the CVAs, which were approved in June by the majority of creditors, were "without merit" and it would defend itself against them. Landlords of UK retail property, however, are starting to fight back against tenants proposing CVAs in order to close stores and reduce their rent burden. "Our group continues to trade as normal and we remain focussed on delivering our turnaround plans," Arcadia Group CEO Ian Grabiner said in an email statement.

Source: Irish Independent July 16, 2019 08:59 UTC