By  on June 12, 2019

LONDON — Topshop owner Arcadia Group has narrowly avoided bankruptcy after its creditors agreed to back a corporate restructuring plan put forward by the troubled retailer in late May.

On Wednesday, following a week’s delay in voting and last-minute sweeteners from Arcadia, the group’s disgruntled creditors voted in favor of seven proposed CVAs, or company voluntary arrangements. Creditors’ approval means that Arcadia can now close stores, lay off workers, negotiate rent cuts and slash costs in a bid to return to profitability.

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