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Arcadia Group cancels orders and extends supplier payments in response to COVID-19
"Exclusive: Arcadia cancels orders and extends supplier payments", 29 March 2020
Sir Philip Green’s Arcadia Group has written to suppliers to inform them that it will be cancelling all orders and extending payment terms, in a bid to protect the business during the coronavirus outbreak.
The letters, sent to suppliers on 27 March and seen by Drapers, state that all orders will be cancelled until further notice, and payment terms will be extended by 30 days, with immediate effect. The standard terms will therefore be 90 days...