Creditors back Philip Green's sweetened Arcadia restructuring deal

Creditors of Philip Green's Arcadia fashion group on Wednesday approved the struggling British retailer's sweetened restructuring plan, enabling the business to stave off a collapse into administration.

"Arcadia Group is pleased to announce that all seven of its Company Voluntary Arrangements (CVAs) have today been approved by the required majority of the companies' creditors, including its pension trustees, suppliers and landlords," the retailer said.

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