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Topshop to close all US stores




Topshop closes all its US stores after the operator, Arcadia Group, filed bankruptcy, according to a report.

The UK retailer began cashing in 11 Topshop and Topman stores in the US this weekend after announcing all over the nation will close their doors, the Wall Street Journal reported. Topshop opened its first US store in New York City in 2009 and expanded to other cities, including Los Angeles, Miami, Las Vegas, Houston and Chicago.

About 800 people are employed by these stores.

Arcadia also plans to close 23 major stores in the UK and Ireland, the BBC reported.

Topshop announced that they closed all their US stores. (19659006) (19659002) iStock)

Company CEO Ian Grabiner said in a statement Wednesday that the closures were a "tough but necessary decision."

There has been a "growing shift from store to online store and an aggressive discounting environment that dealers compete for customers [and] high product returns," said the company's foreign representatives, Daniel Francis Butters and Ian Colin Wormleighton, according to Journal.

Arcadia, who also runs several other brands, including Outfit and Miss Selfridge, will now focus on driving their digital growth, revenue and infrastructure improvements.

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The brand was involved in October's controversy 2018 when the owner, Philip Green, was accused of sexual harassment, racial abuse and bullying, Beyonce cut tape with Green about a month later and said her clothing line, Ivy Park, will no longer be sold on Topshop.

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Topshop Adds Extensive List of Dealers Turns Down Stores in the US This Year

Payless ShoeSource announced that it will close 2,300 stores by the end of June. Discount chain Fred and dear children also said earlier this month that they will close somewhere.



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