FTSE LIVE: Do-or-die vote for Philip Green’s Arcadia fashion empire looms; Reckitt Benckiser names new boss; Six day market rally comes to an end
- Today, landlords will gather to vote on a rescue deal for fashion group Arcadia
- Europe markets open lower following a strong rally as trade tensions linger
- Reckitt Benckiser has hired Laxman Narasimhan from Pepsico as its new chief
After a six-day rally, US equity markets gave up early gains on Tuesday to just about end in negative territory. This set the tone for the European open on Wednesday.
In focus today is Philip Green’s fashion empire, Arcadia, which is on a knife edge ahead of a pivotal creditor vote later this afternoon.
If landlords decide to block a CVA plan that has been put forward by the Topshop and Dorothy Perkins owner, the High Street giant could tumble into administration, putting 560 shops and 18,000 jobs at risk.
On another big day in the retail sector, the FTSE 100 dropped 0.4 per cent at the bell to 7,366