The future of Arcadia Group, the fashion group led by Sir Philip Green, remains in doubt after a crucial vote on plans to avoid administration was delayed.
The vote was due to take place on Wednesday, but Arcadia delayed it by a week "to conduct further dialogue with a few landlords", suggesting it was expecting to lose.
The company has suggested seven different Company Voluntary Agreements (CVAs) because of its complicated structure, which require the approval of the retailer's landlords. If approved, Arcadia will close 48 of its stores across fashion brands such as Topshop, Topman, Burton, Dorothy Perkins, Miss Selfridge and others.
In order to avoid administration, the group requires approval on each of the seven CVAs.
Arcadia Group chief executive, Ian Grabiner, said: "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."
According to reports, some landlords made clear their intention to reject at least some of the CVAs. It is understood that some would prefer Arcadia to enter administration, which would likely lead to new owners and extra investment, meaning it would be able to pay current rents, or even be charged higher prices.
Arcadia claims it has been overcharged on rent for its most high-profile stores for a number of years and is seeking reductions in 194 stores, as well as promising store closures.