The plans need the consent of 75% of creditors.
Topshop branches remain on Commercial Road, Portsmouth, and on Gosport high street, as well as in Whiteley Shopping Centre, with no announcement on how they will be affected by the plans.
Multiple allegations of sexual harassment, bullying and racial abuse targeted at chairman of Arcadia Group Philip Green (Miss Selfridge, Dorothy Perkins and several other brands are helmed by the group) have also contributed to sales slides, with customers boycotting brands under his management.
It's understood all stores in Ireland and the United Kingdom, including Miss Selfridge at Edward Square, will continue to trade as normal in the interim.
The company will also shut all of its 11 Topshop and Topman stores in the US.
The retailer is expected to close 23 of it's stores, putting 520 jobs at risk nationally.
Sir Philip Green's retail empire has offered landlords a 20% stake in the business as he aims to finalise a rescue restructure of his Topshop to Dororthy Perkins group as soon as Wednesday.
As part of the CVA proposals Philip Green's wife Tina, the group's shareholder, will invest a further 50 million pounds ($63.4 million) of equity into Arcadia to support its turnaround. Seventy five per cent of creditors will have to approve the plans.
Arcadia Group will initially attempt to sell part or all of its USA stores as operating businesses, but will wind them down instead if it can not find a buyer.
Arcadia chief executive Ian Grabiner said: "Against a backdrop of challenging retail headwinds, changing consumer habits and ever-increasing online competition, we have seriously considered all possible strategic options to return the group to a stable financial platform".
It added: "The Group is committed to keeping redundancy levels to a minimum".
Speculation began early this year that Sir Philip would look to either sell off the company or close stores.
Later that month it hired property advisers to assess its estate while drawing up restructuring plans.
CEO Philip Green of Britain's retail clothing store Topshop poses before opening the chain's NY flagship store, U.S., November 5, 2014.