Topshop closes all US stores

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The Arcadia group, which owns the fast-fashion chain Topshop Topman in London, said it was facing "unprecedented" market conditions in the retail sector.

Like other physical retailers, the company has blamed its woes on the fierce competition on the Web and changing buying habits. Amazon (AMZN), discount retailers such as TJMaxx (TJX) and new brands like Everlane have put pressure on the fast food industry.

"In a difficult context for retail, changing consumer habits and increasing online competition, we have seriously considered all the possible strategic options to bring the group back on a stable financial platform," he said. said Ian Grabiner, CEO of Arcadia. "It was a difficult but necessary decision for the company."

This week, the Arcadia group filed a Chapter 15 bankruptcy protection claim in a US court, which gives creditor protection to a foreign company. He recorded his assets at $ 53 million and his total debt at $ 179 million in a court file.

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Topshop has stores in New York, Los Angeles, Atlanta, Las Vegas, San Diego, Chicago, Houston and Miami. The channel has not said when its stores will close but added that the brand will continue to sell in the United States. online even after the shops close.

Topshop is the last retailer in shuttered shops. On Monday, Dressbarn's parent company announced that it would close its approximately 650 stores.
Just in 2019, US retailers announced the closure of 5,994 stores. This number already exceeds the 5,864 closing announcements announced last year, according to a recent report from Coresight Research.
Bankruptcies also affected retail brands, including Payless, Gymboree and Charlotte Russe. Sears, a giant in the retail business for over a century, filed for bankruptcy last October.

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