Arcadia has delayed the result of its crunch CVA vote for a week in a last-ditch bid to convince more creditors to back the deal.
Sir Philip Green’s fashion group failed to garner the support of 75% of its creditor base that was required to push ahead with proposed store closures and rent reductions.
Following a day of drama, Arcadia said it wanted to “conduct further dialogue with a few landlords, with a view to securing a final decision” on the seven separate CVAs.
Major landlords were split on Arcadia’s proposal to shut 23 stores and slash rents on almost 200 others, which left the vote hanging dramatically on a knife edge.
The likes of Hammerson and British Land are understood to have voted in favour of the CVAs, but Intu, Aviva and M&G all refused to back the insolvency process.
It meant the count went down to the wire, despite Arcadia securing the backing of the pension trustees, the Pensions Regulator and the Pension Protection Fund, yesterday.
Arcadia said the creditor meeting would now be adjourned until June 12.
The group reiterated its belief that the CVA would provide “a stable platform” for the business to implement its turnaround plan and the “ensure long term sustainability” of the business.
Arcadia employs 18,000 people across its 570-strong store portfolio, which comprises the Topshop, Burton, Dorothy Perkins, Miss Selfridge, Wallis and Evans brands.
Arcadia boss Ian Grabiner said: “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.”