Intu may just say no to Arcadia’s CVA rent cuts but other waverers may fall into line
We wait to see if, when push comes to shove, the hold-out landlords really will vote against Arcadia’s demand for rent cuts for a second time. Intu is determined to say no to Sir Philip Green, but it is the biggest and thus has most to lose in terms of rental income. Waverers may conclude that they’ve made their point that CVAs are not a slam-dunk for struggling retailers and quietly fall into line. Green could still get his way.
It would be the best outcome in terms of saving jobs since Green may be serious about his threat to force the business, employing 18,000 people, into administration if the landlords vote down the CVA proposal.
Source: theguardian – realestate
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