Arcadia on the brink after Intu rejects revised CVA plan

Philip Green’s group expected to go into administration if landlords refuse rent cutsThe future of Philip Green’s retail empire hangs in the balance after a major landlord confirmed it would not back a revised deal to be put to creditors on Wednesday.Sources close to Intu, the owner of the Trafford Centre in Greater Manchester and the Metrocentre in Gateshead, said it was not prepared to accept rent cuts averaging 40% across Arcadia Group shops in its centres. Continue reading...