Arcadia Group has been saved from entering administration after landlords and suppliers backed a plan set out by Sir Philip Green.
The plan will see some stores across its fashion retail brands close and lower rents negotiated, particularly for some of its higher-end locations. Had the deal been rejected, the company would have likely entered administration, putting thousands of jobs at risk across its Topshop, Topman, Burton, Wallis, Dorothy Perkins, Miss Selfridge and other brands.
In an interview with the BBC, Green thanked those that voted in favour of his deal, but stressed that the fashion group was not close to collapsing.
He said: “It didn’t come close to collapse – we won the vote. It was a legitimate vote that was won.”
Sir Philip added: “The market place has changed forever – people want a different kind of service. Should we have seen that three or four years ago – maybe. But now we need to get on with the job.”
The retail mogul said suppliers had trust in him and Arcadia by continuing to deliver products despite so much uncertainty. He even went as far as to blame the media for the company’s troubles, suggesting that media reports about his life make people “jealous”, adding that the public “don’t like people who can write cheques”.
Mr Green has featured heavily in the news in recent years, firstly effectively being forced to pay over £360 million of his personal wealth to cover a pension deficit at BHS, which he sold for £1. More recently, he has faced a string of allegations of racial and sexual harassment from former workers.