Liquidation of inventory in eleven stores in the United States will begin this week.
Topshop, a British fashion brand, announced plans to close all stores in the United States after the owner of the Arcadia Group declared bankruptcy. Liquidation of inventory in eleven stores in the United States will begin this week, according to Fox Business.
Topshop entered the American market in 2009 with the opening of its first store in New York. In the following years, the brand network of mono-brand stores was also expanded due to the outlet to Chicago, Houston, Miami, and other cities. According to data for the second quarter of 2019, about 800 people work in the American division Topshop.
To date, the Arcadia Group does not give the exact closing dates of stores in the US but confirm the information about the imminent departure from the market. The company also plans to optimize Topshop business in the UK and Ireland. According to the BBC, there may be further closed 23 stores.
The Arcadia Group notes that problems in the Topshop retail chain are connected, including with the gradual outflow of customers in traditional stores towards online shopping. Owned by Outfit and Miss Selfridge, the company will focus on boosting its digital growth, increasing revenue, and improving infrastructure.