finance

Topshop owner Arcadia to permanently shut 31 more stores with 714 jobs cut


TOPSHOP owner Aracadia is to permanently shut 31 more stores, with the loss of another 714 jobs, according to reports.

Sir Philip Green’s Arcadia retail empire collapsed into administration at the start of December after it became the latest company hammered by the coronavirus pandemic.

Topsho owner Aracadia is to permanently shut 31 more stores

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Topsho owner Aracadia is to permanently shut 31 more storesCredit: PA:Press Association

It is understood that the latest set of cuts, first reported by The Times, will result in the closure of all 21 of the group’s Outfit stores.

Outfit, which was acquired by Arcadia from Sears in 1999, is not a fashion brand itself but sells all of Arcadia’s retail brands in out-of-town destinations for shoppers.

Arcadia and Deloitte declined to comment on the closure update.

The move comes a day after the deadline for rescue bids set by administrators at Deloitte.

High street stalwart Next is among retail groups to have placed bids to take control of the retail empire.

Deloitte are expected to receive bids worth more than £200 million in the process, which could be completed by the end of the month.

Next has been touted as one of the most likely victors in the process, with the listed retailer bidding for the group in partnership with US hedge fund Davidson Kempner.

It faces competition from high street rival JD Sports, which has held talks over a joint bid with US retail giant Authentic Brands.

Last month, administrators agreed the sale of Arcadia’s plus-sized brand Evans to Australian firm City Chic Collective in a £23million deal.

More to follow…

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