Topshop/Topman is set to lose its CEO in the latest blow to parent company Arcadia. Former Burberry exec Paul Price resigned this week for personal reasons, the company said. Price is relocating back to the US.
Arcadia has denied that Sir Philip Green is planning to break up his retail empire and said the turnaround plan is the key focus, despite a press report saying the firm is already separating shared functions.
American landlords have lost their battle to recoup losses after Topshop USA’s bankruptcy filing. Arcadia can now move cash from its Topshop US liquidation sales back to the UK, along with frozen bank account funds.
US landlord Vornado has suggested Philip Green and his Arcadia empire may have manipulated the results of a CVA vote by increasing its debt owed to suppliers, potentially undermining landlords’ power to block it.