Sir Philip Green's Arcadia retail empire – which includes Topshop and Burton – could fall into the administration today.
Creditors should decide on restructuring plans that would result in the closure of 23 Arcadia stores and the reduction of 194 rents.
But the bailout deal is likely to fail after its second-largest owner announced its opposition to the plans.
Intu Properties – which owns several British shopping centers – said it would not accept Arcadia's proposed rent reductions.
When voting on its restructuring plan, the group needs the support of 75% of the creditors to be able to switch to the administration.
If Arcadia were to fall into the administration, 18,000 jobs would be threatened.
The company owns a Topshop store in Arc Shopping Center.
This collapse would be another blow to the retail mogul, Sir Philip Green, who fought to save his reputation after the collapse of BHS, which he had sold for £ 1 a year earlier.
He then agreed to pay 363 million pounds sterling into the company's pension plan.