A British fashion retailer could close its U.S. doors.
Topshop could close its 11 stores in the U.S. as part of a financial rescue plan and restructuring of parent company Arcadia Group, The Guardian reported. The retailer is also asking landlords to accept rent cuts in up to 194 of its 566 U.K. and Irish stores, the report said. In addition to Topshop, Arcadia’s retail footprint includes Dorothy Perkins, Miss Selfridge, Wallis, Evans and Burton.
Arcadia’s sales and profits have fallen amid increasing competition from online players and fast-fashion giants such as Zara, H&M and Primark.
If a deal is not approved, Arcadia Group could face administration (a form of bankruptcy protection), the report said. . To read more, click here.