Unless Sir Philip Green changes his offer to landlords, the shopping centre operator, Intu properties, is planning to vote against the Arcadia restructuring plan on Wednesday.
Intu holds 35 Arcadia leases, more than any other landlord.
It has the biggest single voting block - understood to be around 15% - but cannot bring down the Company Voluntary Arrangement (CVA) proposal alone.
Sir Philip Green needs 75% of creditors to support his rescue plan.
Joel Hills explains why Arcadia could be facing further issues
If 25% of creditors vote against the CVA then it is highly likely that Acadia will collapse into administration.
"We’re not giving space away on the cheap," a source close to Intu tells me.
The group is being asked to swallow a rent reduction of 40% on its Arcadia units.
The company is aware that if it accepts such a discount there will be a stampede of other retailers demanding similar terms.
Intu feels emboldened. High streets are emptying but on Monday the group reported that footfall across its 20 UK shopping centres was up 1.1% last month, compared with May last year.
The majority of the Arcadia units in Intu centres are Topshop - the jewel (in as much as there is one nowadays) in Sir Philip’s battered crown.
Intu appears to be prepared to takes its chances on administration.
Arcadia, as a group, is in very poor shape but Intu is betting that a buyer would almost certainly be found for Topshop and that a new owner would be anxious to retain stores in prime locations.
The stakes are high but Intu is holding firm and making its position public in the hope it will act as a standard for other landlords to rally to.
Sir Philip still has a rebellion on his hands.