Rescue Efforts: M Mortgage and Houses Nike

rescue efforts: If a deal cannot be agreed well before the group's next rental payment in late June, Arcadia could face administration, according to The Guardian. As part of the rescue efforts, it is understood the group is attempting to refinance a 300m mortgage on Topshop's 400m Oxford Circus building in central London, which also houses Nike. Arcadia, the group led by Green that owns several ailing high street fashion brands including Topshop, Miss Selfridge and Wallis, said it needs to secure a deal involving about 50 UK store closures, rent cuts and a reduction in pension fund payments. The remortgage could potentially release cash needed to satisfy the group's landlords and pension trustees, who want Green to pump more money into the business and its pension fund before they will agree to back a rescue deal. But the hefty mortgage and difficult property market mean the store is not seen as the gold-standard asset it once was and trustees have held out for a better offer. Arcadia had offered to hand over the Topshop building to the pension fund trustees as part of a deal under which it wants to slash annual payments into the scheme to 25m from 50m. (news.financializer.com). As reported in the news.