Topshop owner to permanently shut 31 more stores

The Arcadia administrators are expected to close another 31 stores of the fashion group for good by the end of January – with the loss of 714 more jobs.

Sir Philip Green’s Arcadia retail empire broke into administration in early December after becoming the youngest company to be hit by the coronavirus pandemic.

The recent cuts, first reported by The Times, are believed to result in the closure of all 21 outfit stores in the group.

Acquired by Arcadia from Sears in 1999, Outfit is not a fashion brand itself, but rather sells all of Arcadia’s retail brands to customers outside of town for buyers.

Arcadia and Deloitte declined to comment on the closure update.

The move will take place one day after the deadline for rescue offers set by Deloitte’s administrators.

High Street Steadfast Next is one of the retail groups that have placed bids to take control of the retail empire.

Deloitte is expected to receive offers worth more than £ 200m which could be closed by the end of the month.

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

It faces competition from rival JD Sports, which has been negotiating a joint proposition with US retail giant Authentic Brands.

Last month, administrators agreed to sell Arcadia’s oversized Evans brand to Australian firm City Chic Collective for £ 23 million.

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