Philip Green’s Arcadia Faces Uncertain Fate After Vote Delay (1)

Billionaire Philip Green’s Arcadia Group Ltd. faces an uncertain future after adjourning a meeting on June 5 for creditors to hold a make-or-break vote on the retailer’s turnaround plan.

The company said that talks over its proposal to avoid insolvency by closing some stores and cutting rents through a series of U.K. procedures known as company voluntary arrangements, will reconvene on June 12. The retailer, which owns Topshop, Dorothy Perkins and Miss Selfridge, employs 18,000 people globally and has 566 stores in the U.K. and Ireland.

“It’s been adjourned to talk to a few landlords about some technical stuff,” Green ...