UPDATE: Arcadia saved from administration but fate of Bury St Edmunds' Topshop store still unknown as 50 shops to close
Sir Philip Green's Arcadia retail empire – which includes Topshop and Burton – has been saved from administration after creditors backed a rescue plan.
Creditors voted in favour on restructuring plans yesterday which has prevented the loss of 17,000 jobs.
But the rescue deal will still see the closure of 50 stores and the loss of 1,000 jobs.
The group needed the support of 75 per cent per cent of creditors and at least half of landlords in the vote.
The company has a Topshop store in the Arc shopping centre.