The adjournment gives the ailing discount chain up to a further seven days to secure fresh funding - most likely to be from existing investor, Irish property tycoon Brendan Murtagh - to save it from administration.
In a statement, Kwik Save said: 'In the interests of all stakeholders, the directors of Kwik Save have been seeking the agreement of a refinancing package that will secure the future of this very complex and diverse business.'
The retailer added: 'However, it became evident that unless the business was restructured, additional funding would not be forthcoming and it would not have a strong financial future.
Murtagh is believed to want to rebrand the chain Freshexpress. It is understood that any new investment could involve a pre-pack administration, which typically absolves the new owners of certain liabilities, such as leases, associated with a wind down.
Kwik Save lodged a notice of intention to file for administration at the courts in Manchester a fortnight ago. Yesterday, Kwik Save closed another 22 stores, leaving it with just 145 stores. These closures were in addition to the 79 stores that had previously closed. However, in a surprising move, Kwik Save said it would re-open 20 stores earlier this week, once again highlighting its turbulent fortunes.
In February, Kwik Save had 229 stores and in the 1990s it had a turnover of more than£1 billion.