Green denies Arcadia was close to collapse after landlords back rescue plan

Topshop on Oxford Street
Topshop is one of Sir Philip Green's biggest fashion chains

Sir Philip Green has rejected suggestions that his Arcadia retail empire came close to collapse before a restructuring plan was clinched with regulators and landlords.

The Topshop billionaire suggested the company voluntary arrangements (CVAs) had comfortably cleared a vote by landlords and creditors on Wednesday, following speculation that the decision had been on a "knife-edge".

The vote gave the go-ahead for the closure of 23 stores, putting 1,000 jobs at risk, while another 25 will be shut as part of a wider restructuring.

Landlords will also receive smaller amounts of rent on certain properties, with some reduced to half the original price.

Nonetheless, Sir Philip said the move was cause...

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