375
Fashion Jobs
SHISEIDO
FP&A Manager (Korean Only)
Permanent · SEOUL
AESOP
Aesop Hanam Starfield - Retail Consultant
Permanent · HANAM-SI
ADIDAS
Senior Specialist, Buying & Trading, E-Commerce
Permanent · SEOUL
ADIDAS
Manager, Personalization & Apps, E-Commerce
Permanent · SEOUL
ADIDAS
Senior Manager, Legal Counsel, Legal
Permanent · SEOUL
HENKEL
Finance Business Controller For Shiseido Professional Brand
Permanent ·
L'OREAL GROUP
[l'Oreal Korea] Kiehl's - CRM & Trade Mkt sr. Specialist~Manager
Permanent · SEOUL
L'OREAL GROUP
[l'Oreal Korea] (jr.) Claim Substantiation Specialist - Corporate Regulatory Affairs
Permanent · SEOUL
L'OREAL GROUP
[l'Oreal Korea] (sr.) Product Manager - Kerastase Marketing Team, Ppd
Permanent · SEOUL
UNDER ARMOUR
Associate, HR Administration
Permanent · SEOUL
ARKET
Visual Merchandising Manager
Permanent · BUSAN
PUIG
Marketing Manager
Permanent · SEOUL
JAEGER
[Jaeger Lecoultre] Marketing & Communication Director
Permanent · SEOUL
ESTÉE LAUDER COMPANIES
Corporate Account Executive For Travel Retail Korea, Estee Lauder Companies
Permanent ·
ESTÉE LAUDER - BRAND
Assistant Education Manager, Estee Lauder
Permanent · SEOUL
L'OREAL GROUP
[l'Oreal Korea] Luxe Div. - Lancome E-Commerce Specialist
Permanent · SEOUL
COS
Instore Visual Merchandiser Manager_seoul/Gyeonggi
Permanent · SEOUL METROPOLITAN AREA
AESOP
Shinsegae Gwangju - Retail Consultant
Permanent · GWANGJU
COACH
Manager, Ecommerce
Permanent · SEOUL
ADIDAS
Manager, Business Planning & Analysis, Wholesales
Permanent · SEOUL
HENKEL
Adhesive Key Account Manager For Sports And Fashion Market
Permanent · BUSAN
HENKEL
Consumer Brands General Manager Assistant
Permanent ·
Published
Jun 17, 2019
Reading time
2 minutes
Download
Download the article
Print
Text size

US landlords challenge Arcadia over Topshop closures

Published
Jun 17, 2019

Arcadia is reportedly facing a legal challenge in the US following the bankruptcy filing for its Topshop/Topman chain in the country. The company is completely shutting down the loss-making Topshop operation in North America but a group of American property owners have launched the action, claiming they've lost more than £100 million.


Topshop's US landlords have mounted a legal challenge - Topshop



Several newspapers reported them lodging an objection to the bankruptcy filing and the group, which is led by Vornado, is accusing Arcadia of “engaging in a convoluted scheme to deprive the…US landlords of their bargained-for contractual rights by manipulating and exploiting a private, little-used out-of-court process in the UK known as a company voluntary arrangement," the FT said.

Vornado’s involvement is crucial as it owns the Fifth Avenue, New York City, store that reportedly accounts for nearly half of the chain’s £27.6m rent bill in America. Major landlord Simon Property Group is also involved in the action.

The US landlord group has asked the court to hold the retailer’s American assets, and any money made from its closing-down sale, in an escrow account and stop the cash being transferred to the UK. Apparently, they filed their objection before the first Arcadia CVA vote was due to take place in the UK and claim that as a result of the CVA approval, their leases “will be eviscerated without any discovery and little due process”.

The UK CVA plan finally received creditor approval last week after having been delayed as the company worked to strike deals with some unhappy landlords. But Arcadia’s advisor Deloitte has called for the US landlords’ case to be rejected saying the UK CVA is irrelevant to the US business.

Topshop was launched in the US a decade ago but had expanded to only 11 branches since its 2009 debut. The brand will still have a presence in the country though, as it will be available through its website and concessions in department store group Nordstrom.

Copyright © 2024 FashionNetwork.com All rights reserved.