(Sharecast News) – A further 700 jobs are set to be lost from the privately-held collapsed clothing retailer Arcadia Group by the end of the month, with another 31 stores to be closed by administrators.
City A.M. reported that most of the branches to be closed operate under the ‘Outfit’ nameplate, which sells a range of products from Arcadia’s other brands, including Topshop, Burton, Miss Selfridge and Wallis.
The financial freesheet said the decision to bring down the shutters on the 31 stores was due to the current, extended national lockdown, which has seen non-essential retailers close their bricks-and-mortar operations.
Sir Philip Green’s retail empire collapsed into administration late last year, calling in the administrators after attempts to secure a £30m rescue loan failed.
Monday was the due date set by Deloitte for rescue offers for the firm, with Next understood to be the top bidder.
Mike Ashley’s Frasers Group and Authentic Brands, which owns an array of American fashion lines including Forever 21 and Juicy Couture, were also in the running, according to the Sunday Times.
