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Vornado to withdraw applications against Arcadia

Vornado Realty Trust agreed to withdraw the applications it filed against the restructuring plan of U.K.-based Arcadia Group Ltd., Property Week reported.

The real estate investment trust is a landlord to certain Top Shop/Top Man retail stores of the British fashion chain in New York.

Vornado reportedly filed applications to challenge two of Arcadia's seven proposed company voluntary agreements. Arcadia said the company voluntary agreements were approved by the majority of its creditors in June and that it would defend itself against the challenges, Reuters reported at the time.

Arcadia's chief executive, Ian Grabiner, said the company voluntary agreements can now be implemented as all the legal challenges were withdrawn, PW reported.

Arcadia plans to close all of its 11 Topshop stores in the U.S., the publication noted.