Sir Philip Green's retail empire on the brink as decision on closure plans is adjourned

Shopping centre owner Intu to vote against proposals in crunch meeting that could determine Arcadia's future

The future of Sir Philip Green's retail empire remains in doubt after a crunch meeting with landlords was adjourned for a week.

Arcadia said it would postpone a decision on its turnaround plans until 12 June to conduct "further dialogue with a few landlords" as it attempts to win crucial support.

If Arcadia fails to gain the approval of 75 per cent of its creditors it is likely to be put into administration, putting hundreds of stores and thousands of jobs at risk.

Ian Grabiner, chief executive of Arcadia, said on Wednesday: “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.”

Shopping centre owner Intu told Arcadia on Wednesday that it will not back proposals to slash rents and close around 50 stores.

However, big landlords including British Land and Hammerson are said to have backed Arcadia's Company Voluntary Arrangement (CVA), with others still wavering.

Intu, which owns the Trafford centre in Manchester and Lakeside in Essex, counts Arcadia brands as tenants in 35 of its units.

Intu reportedly refused to back the plans because it would have to justify the rent cuts to other tenants.

Landlords are cautious about offering discounts to certain tenants at a time when many retailers under pressure from falling sales, high rents, business rates and increasing wages.

Arcadia, which owns brands including Topshop, Miss Selfridge, Evans and Burton had planned to shut 50 UK stores and cut rents on another 194.

Jonathan De Mello, a director at retail consultancy Harper Dennis Hobbs, said large landlords feel that Sir Philip has already “played hardball” over rent rises in the past. “The CVA proposal comes in addition to that.

“Landlords feel that Philip Green wants to get out of certain liabilities but they feel they have reduced rents enough.”

If Sir Philip's Arcadia group were to enter administration it would become the most high-profile in a series of retail collapses.

Debenhams and House of Fraser, have called in the administrators in recent months, while Toys R' Us and Maplin have disappeared completely.

Sir Philip, once lauded as the "king of the high street", cleared a major hurdle on Tuesday after receiving the backing of the Pensions Regulator (TPR) for his rescue plans.

The retail mogul agreed to inject an additional £25m into Arcadia's pension fund, taking the total amount pledged in cash and security to more than £300m.

News of the agreement came shortly after the watchdog ordered Sir Philip to pay in an extra £50m in order to secure its support for Arcadia's CVA.

Arcadia said Lady Green, the group's ultimate owner, had signed off the additional cash.

The Pensions Regulator said: "Following extensive discussions with the company, shareholders, the trustees of the pension schemes, the PPF and advisers, we are pleased that additional security has been agreed in support for the pension schemes which brings the total security value to £210m.

"This is in addition to agreed contributions of £100m to be paid to the schemes by Lady Green.

"Given this enhanced level of support, we now consider the updated CVA proposals are sufficient because they provide better protection for scheme members in these difficult circumstances.

"We recognise that the best support for any pension scheme is a trading employer and we feel the CVA proposals now provide the right balance between security for the pension schemes and the chance of sustainability for the company."

The Pension Protection Fund (PPF) is due to vote on whether to support the scheme on Wednesday.

Arcadia's brands have struggled to keep up with changing fashion trends and competition from Primark as well as online rivals.

Critics have accused Sir Philip of underinvesting in the group's stores. The retail mogul also faces a string of allegations of misconduct, which he denies.