Arcadia administrators to shut 31 stores with 714 job losses
Arcadia administrators are set to permanently shut another 31 of the fashion group’s stores by the end of January, with the loss of 714 more jobs.
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, 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 giant Next is said to be the favourite to land the flagship brand Topshop with a joint bid with US investor Davidson Kempner. Administrator Deloitte is said to have placed a price tag of £200m on Topshop alone.
It is understood that Next would take a minority stake in Topshop and run it on behalf of Davidson Kempner. It might be interested in acquiring some of the remaining brands itself, which include Miss Selfridge, Dorothy Perkins, Wallis and Burton, to sell via its online platform.
The Next bid faces competition from sports giant JD Sports, which has held talks over a joint bid with US retail giant Authentic Brands. While other names said to be in the frame include Boohoo, Marks & Spencer and Mike Ashley's Frasers Group.
Last month, administrators agreed the sale of Arcadia’s plus-sized brand Evans to Australian firm City Chic Collective in a £23m deal.