Clothing Suppliers and Form Part

part: Landlords and other creditors, such as clothing suppliers, must vote to approve the closures which form part of two company voluntary arrangement CVA deals which Debenhams' new owners say are necessary to prevent the business collapsing, according to The Guardian. Sports Direct will take part in the vote as Ashley's retail group was owed more than 500,000 by Debenhams at the time the CVA was tabled, according to documents seen by the Guardian. The billionaire, whose attempt to take control of the ailing department store group was thwarted when it was taken over by lenders in April, is expected to send along a representative to ask tough questions and vote against the plan at the meeting of creditors. The problem with Debenhams it's not just indebted, it's dull Read more Sir Philip Green's Arcadia group will also have a major part to play in the vote, as its chains including Burton, Miss Selfridge, Topshop and Wallis are collectively owed more than 5m, according to the CVA documents. But trade creditors and landlords expect the insolvency process under which 22 stores will close on 24 January 2020 and which also includes cuts in rent and business rates of up to 50% on dozens of sites will be given the thumbs up. Green is likely to want the Debenhams plan to succeed given that Arcadia is battling to secure its own CVA within weeks. (news.financializer.com). As reported in the news.