Arcadia adjourns creditor meeting to hold further talks with landlords

Philip Green's Arcadia fashion group said it had adjourned Wednesday's creditor meetings to vote on the struggling British retailer's restructuring plan until June 12 so further talks can be held with landlords. "It is in the interests of all stakeholders that we adjourn today's meetings to continue our discussions with landlords," said Ian Grabiner, CEO of Arcadia.

"We believe that with this adjournment, there is a reasonable prospect of reaching an agreement that the majority of landlords will support." Arcadia needs creditor approval for Company Voluntary Arrangements (CVAs), compromise agreements to avoid an administration or liquidation, for each of its seven brands - Topshop, Topman, Burton Menswear, Dorothy Perkins, Evans, Miss Selfridge and Wallis.