Topshop Parent to Close 31 Stores and Shed 700 Jobs
Administrators in the Arcadia Group bankruptcy plan to close 31 stores, putting 700 people out of a job.
U.K. retail stores are temporarily closed as part of the country’s third national coronavirus lockdown. The stores set for closure won’t re-open when the lockdown ends. A BBC report said the closures will include all 21 Outfit shops, which sell a mix of merchandise from Arcadia’s many brands.
Arcadia collapsed into administration on Nov. 30, putting 444 U.K. stores and 13,000 jobs at risk.
Deloitte administrators had set Monday as the deadline for bids for the Arcadia. Next Plc and Frasers Group are believed to have put in bids, but it wasn’t immediately clear if the offers were for all of Arcadia or just for certain components. Many in the fashion sector expect that Arcadia, the empire owned by billionaire business mogul Sir Philip Green, will be split up among different owners.
Arcadia’s plus-size fashion brand Evans was acquired last month by City Chic Collective for 23 million pounds ($30.6 million). The purchase included the intellectual property, inventory and customer base, but not the stores.
The brands that are left include what many consider Arcadia’s crown jewels: Topshop and Topman. Other brands up for sale include Miss Selfridge, Burton, Dorothy Perkins and Wallis.