Arcadia revealed some details of its long-rumoured CVA plan late Wednesday afternoon with an exit from its US stores and closures in the UK and Ireland that will affect 520 jobs. It will also focus more on digital.
Analysts expect fashion retail giant Arcadia to announce its CVA as early as this week with the sale or closure of its business outside of the UK also possible along with the closure of 57 UK stores as sales still fall.
The latest Sunday Times Rich List at the weekend saw Arcadia boss Philip Green falling out of the billionaire’s club with the newspaper assigning no value to his controlling stake in the Arcadia fashion retail empire.
To support its growth strategy, cosmetics company Avon has announced that its new mobile app ‘Avon Go’ will be available to representatives in 17 markets worldwide following a successful trial in the UK.
Arcadia is believed to have struck a deal with bank giant HSBC for the latter to act as a guarantor of its ability to pay its suppliers as it works towards a possible CVA, which some analysts are expecting this week.