Next withdraws from bidding war for retail giant Arcadia

business
Topshop, © PA Wire/PA Images
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By Laura Parnaby, PA

Hundreds of people working in the Irish stores of the Arcadia retail giant, which includes Topshop and Miss Selfridge, face renewed uncertainty after fashion retailer Next withdrew from bidding for the troubled British group.

Arcadia, which employs 487 people in Ireland and has 14 Irish stores, collapsed at the start of December due to the impact of the pandemic, and retailer Next had been touted as the most likely buyer.

But the high street stalwart, which was bidding for the group in partnership with US hedge fund Davidson Kempner, said it was “unable to meet the price expectations of the vendor” on Thursday.

It is understood that final bids for the troubled Topshop owner set by administrator Deloitte were due on Monday, although there could be some flexibility.

Topshop Topman store in Edinburgh. Photo: Jane Barlow/PA)

Retailers including Boohoo, Frasers Group, and JD Sports in partnership with US retail giant Authentic Brands, have also been considering acquiring some or all of Arcadia’s stores.

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Deloitte is expected to receive bids worth more than £200 million (€225 million), and Chinese online retailer Shein has tabled an offer for Topshop and Topman worth over £300 million, according to Sky News.

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

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