Arcadia Group Ltd., the London-based operator of Topshop and Topman stores, has won approval of the terms of a broad restructuring plan from a majority of its creditors, including pension trustees, suppliers and landlords, WSJ Pro Bankruptcy reported. The fast-fashion retailer will slash what it pays in rent and shut some of its stores under an out-of-court restructuring plan known as a company voluntary arrangement (CVA). A majority of creditors signed off on the plan during a meeting on Wednesday, which had been pushed back a week to give the company more time to negotiate with landlords. Arcadia initially sought to cut rents by 30 percent to 70 percent across 194 of its more than 500 U.K. and Irish locations over a three-year period. When some landlords balked, the proposed rent cuts were lowered to between 25 percent and 50 percent. The plan also calls for Arcadia to shutter about two dozen stores in the U.K. and all 11 of its stores in the U.S.
