Arcadia Group, the retail empire owned by UK billionaire Philip Green, said a decisive vote over the fate of the business has been delayed until later this month in order to allow further discussions with some of its creditors.
The company behind brands such as Topshop and Dorothy Perkins had been hoping its landlords would back an insolvency arrangement that would save it from falling into administration.
But in a statement on Wednesday, the once high-flying fashion group said the vote would now be postponed until next Wednesday June 12 so it can conduct further dialogue with a few landlords.
It is in the interests of all stakeholders that we adjourn todays meetings to continue our discussions with landlords, said Arcadia chief execut…
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