Published: 09:03, 06 June 2019
| Updated: 09:05, 06 June 2019
A crunch decision on the future of one of the high street's most powerful groups has been delayed for a week.
The Arcadia Group owns a string of fashion chains, among them the likes of Topshop, Burton, Wallis, Dorothy Perkins, Evans and Miss Selfridge - with branches across Kent.
But it has struggled to adjust to the changing retail marketplace and is looking to implement seven company voluntary arrangements (CVAs) across the group.
To get the go-ahead, it sees creditors and landlords have to agree to restructured repayment schemes or lower rents in order for a company to continue to survive and avoid the risk of administration.
A meeting yesterday in London where a vote of creditors was to have taken place was adjourned "in order to conduct further dialogue with a few landlords" - some of who it is believed have rejected the offers put forward.
The meeting will reconvene on Wednesday, June 12.
Ian Grabiner, CEO of Arcadia, said: “It is in the interests of all stakeholders that we adjourned the 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.”
If the deal is agreed, it will trigger the closure of an initial 49 stores across the country - including one in Kent.
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