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		</div><p>Philip Green’s Arcadia group is facing a court battle over its plans to reduce rents through a restructuring process.</p>
<p>Landlords and creditors had previously voted to approve a raft of rent cuts to secure the future of the Topshop owner’s retail empire.</p>
<p>However, US property giant Vornado is now challenging two of the seven Company Voluntary Agreements (CVAs).</p>
<p>The legal challenge by the New York-based property group concerns the two CVAs relating to Topshop and Topman stores.</p>
<p>Acadia chief executive Ian Grabiner has dismissed the challenges, describing them as “without merit” and said Mr Green’s group would “vigorously defend” itself.</p>
<p>Arcadia – which also owns Burton, Miss Selfridge and other high street brands – received backing from landlords for its restructuring plans last month.</p>
<p>It meant that landlords would receive smaller amounts of rent on certain properties, with some reduced to half the original price.</p>
<p>The approval of the CVAs confirmed plans to close 23 stores, putting around 1,000 jobs at risk.</p>
<p>Another 11 Topshop and Topman stores in the US were also earmarked for closure.</p>
<p>Mr Grabiner said: <em>“These challenges are entirely without merit and we will vigorously defend them.</em></p>
<p><em>“The CVAs are a vital part of our restructuring, putting the business on a firm financial footing and enabling significant investment as part of our growth plans which will ultimately benefit all our stakeholders.</em></p>
<p><em>“Our group continues to trade as normal and we remain focused on delivering our turnaround plans.”</em></p>
<p>Last month, a group of US property companies, including Vornado, contested Arcadia’s decision to put its US subsidiary into administration.</p>
<p>The landlords reportedly claimed that Arcadia “manipulated and gerrymandered” its CVA in the UK to affect the “complete forfeiture and deprivation” of their rights.</p>
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