Can Sir Philip Green save his retail empire? A vote that would see the Arcadia Group secure a deal to close 48 stores resulting in 1000 job losses, has been postponed until next week.
The landlords of Arcadia's various retail portfolio rejected the initial plan and will “conduct further dialogue” said the BBC.
Ian Grabiner, chief executive of Arcadia, said in a statement: "It is in the interests of all stakeholders that we adjourn today's meetings to continue our discussions with landlords. We believe that with this adjournment, there is a reasonable prospect of reaching an agreement that the majority of landlords will support.”
According to the BBC many landlords were likely to resist restructuring which would see them bearing much of the burden of the massive cost-cutting exercise necessary to ensure the group's survival.
A proposal by the CVA (company voluntary arrangements) would see the loss of 520 jobs across 23 Arcadia stores.
Arcadia currently operates over 560 stores across its UK brand portfolio of Topshop, Topman, Evans, Dorothy Perkins, Miss Selfridge and Burton and employs 22,000 staff.