714 jobs to be lost, as Arcadia closes 31 more stores

The London-based retail group that owns various clothing brands, has been suffering losses for some time now, due to competition from online stores.

0
3186

The ongoing pandemic has forced the Arcadia Group to shut about 31 more stores. The British multinational retail group owns popular high-street retail clothing brands, including Burton, Dorothy Perkins, Evans, Miss Selfridge, Topman, Topshop, Wallis and the chain, Outfit. By the end of January 2021, at least 714 people will be rendered jobless.

Arcadia has witnessed plunging sales due to the lockdown and pandemic-induced slowdown. It has also been struggling with competition from online retailers for a while. Last November, it had over 400 stores across the UK. However, it has been trying to sell its assets for some time now.

The last date for bidding for its flagship brand Topshop, was January 18. It was reported that JD Sports had teamed up with Authentic Brands that owns Forever 21, to bid for Topshop.

American fashion company, G-III Apparel, is also said to be trying to acquire assets from Arcadia. It has teamed up with other interested buyers to acquire brands from the Group, according to media reports.

Recently, Jaeger another British fashion brand, was acquired by Marks & Spencer, a deal that took away jobs from over 200. Jaeger had closed about 13 stores and laid off 103 last year, following which it was forced to call in adminsitrators.

According to data from the British Retail Consortium, the annual sales performance in 2020 reached a record low, the worst in 25 years, leading to a huge dip in demand for fashion and homeware products.

Comment on the Article

Please enter your comment!
Please enter your name here

thirteen + 7 =