As reports continue to suggest that Topshop owner Arcadia is to launch a CVA within weeks, it has also emerged that the company is to offer Arcadia Group shares to its landlords in return for their support.
Arcadia is set to embark on a store closure plan that could it close over 67 stores of varying sizes in the UK and Ireland. Occupied by brands from across its portfolio, the stores are located in malls and high streets.
The embattled UK retail industry was dealt another blow on Friday after news emerged that Arcadia is considering a restructuring process which could result in significant store closures and job losses.
The millionaire owner of Arcadia brands including Topshop, Dorothy Perkins and Miss Selfridge could face a police investigation and lose his knighthood over allegations of sexual assault and racial abuse.
Topshop owner Arcadia could reportedly close 100 locations in its vast stores empire as leases on the shops come to an end by late 2020. That would follow more than 200 closures that have happened since 2016.
A report has suggested Arcadia is looking to close around a third of its 500 leased UK stores, joining the wave of UK retailers trying to downsize their store estate as online shopping continues to soar.