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Wednesday / February 19.
HomeLifestyleTOPSHOP filed for bankruptcy in the US

TOPSHOP filed for bankruptcy in the US

In 2009 Arcadia Group give a brand the popular British fashion called by Topshop. Officially landed in the United States with the ambition to create a powerful empire here. In 2019 marked the 10th anniversary of the company in the country of flags and flowers but unfortunately this milestone was associated with a sad ending. Recently, Topshop filed for bankruptcy in the US and prepared to close all 11 of its stores here

Topshop has stores in New York, Los Angeles, Atlanta, Las Vegas, San Diego, Chicago, Houston and Miami. The chain did not say when its stores will shut down but added that the brand will continue to sell to the USonline even after stores close. Arcadia Group operates 566 Topshop, Burton, Dorothy Perkins, Evans, Outfit and other stores in the UK and Ireland. It said it will close 23 of those stores. Topshop is the latest retailer to shutter stores. On Monday, Dressbarn’s parent company said it will close all of its roughly 650 stores.
In 2019 alone, US retailers have said 5,994 stores will close. That number already exceeds last year’s total of 5,864 closure announcements, according to a recent report from Coresight Research. Bankruptcies have also plagued retail brands including Payless, Gymboree and Charlotte Russe. Sears, a giant in the retail space for more than a century, filed for bankruptcy last October.
“Against a backdrop of challenging retail headwinds, changing consumer habits and ever-increasing online competition, we have seriously considered all possible strategic options to return the Group to a stable financial platform. This has been a tough but necessary decision for the business.” – Arcadia CEO Ian Grabiner said in a statement.
Currently, Arcadia Group, Topshop’s parent company as well as many famous brands such as Dorothy Perkins, Miss Selfridge … are looking forward to restructuring with the hope of improving the situation. Otherwise, 19,000 of the group’s current employees will face unemployment.

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