Money

Topshop owner Arcadia to permanently shut 31 more stores with 700 jobs cut


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

Sir Philip Green’s Arcadia retail empire collapsed into administration in December after the coronavirus crisis “severely impacted” sales.

Topshop owner Aracadia is to permanently shut 31 more stores

2

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

The latest set of cuts, which were 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.

The shops won’t reopen after lockdown, with affected workers – currently on furlough – set to lose their jobs.

The Sun has asked Arcadia to confirm which brands are affected by the ten remaining store closures, and we’ll update this article once we hear back.

Sir Philip Green's Arcadia retail empire collapsed into administration in December

2

Sir Philip Green’s Arcadia retail empire collapsed into administration in DecemberCredit: AFP or licensors

Arcadia Group also owns Topshop, Topman, Burton, Miss Selfridge, Wallis and Evans.

The group, which runs 444 stores in the UK and 22 overseas, has roughly 13,000 workers.

In April last year, Arcadia warned that it could close 100 of its shops due to coronavirus

In November, one retail industry figure then said Arcadia’s collapse had become inevitable after talks with lenders about an emergency £30million loan had failed.

Arcadia confirmed the Outfit closures to The Sun, but declined to comment further.

The move comes a day after the deadline for rescue bids set by its administrator Deloitte.

READ  HSBC chief executive out in top level reshuffle

High street stalwart Next is among retail groups to have placed bids to take control of the retail empire, and has been touted as one likely victor.

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.

Meanwhile, Topshop’s flagship Oxford Street store is to be sold off by Arcadia too, according to reports.

In mid-August, more than 43,000 retail jobs had been axed since the start of coronavirus lockdown as high streets struggled to survive.

Retailers including AldoDebenhamsJaeger, OasisPeacocks and Warehouse have also all collapsed since the pandemic began.

And in March, Laura Ashley collapsed into administration after talks to rescue the chain failed for the same reason.

Martin Lewis warns people not to buy Topshop gift vouchers this Christmas but what if you already have
READ  BHP on brink of lobbying own goal in front of shareholders





READ SOURCE

Leave a Reply

This website uses cookies. By continuing to use this site, you accept our use of cookies.