Sir Philip Green and his wife have offered to pump 100m into Arcadias pension scheme in a desperate bid to win backing for a radical restructuring of their retail empire that will include 23 shop closures and a complete retreat from America.
Arcadias restructuring plans follow weeks of fraught wrangling with landlords and the pensions regulator amid fears that the business which includes Topshop, Dorothy Perkins and Miss Selfridge, could collapse into administration.
The former billionaire pressed the button on Wednesday of a company voluntary arrangement (CVA) that will close 23 of the 566 stores in the UK and Ireland, putting 520 jobs at risk, and slash rents on another 194 shops.
However…
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