Philip Green’s fashion empire Arcadia Group said today that it received applications from legal entities of U.S.-based property group Vornado challenging two of its seven planned Company Voluntary Agreements (CVAs), Reuters reported. Arcadia said the challenges to the CVAs, which were approved in June by the majority of creditors, were “without merit” and it would defend itself against them. Vornado, a landlord to some of the Topshop and Topman stores in New York. Arcadia’s other landlords include British Land, Intu Properties, Aviva and Land Securities. CVAs have been carried out by several British retailers, including fashion chain New Look, floor coverings firm Carpetright, mother-and-baby goods group Mothercare and department store chains House of Fraser and Debenhams. Landlords of UK retail property, however, are starting to fight back against tenants proposing CVAs in order to close stores and reduce their rent burden.
