A decade after launching in New York’s trendy Soho neighborhood, Topshop is set to close its doors.
The fast-fashion retailer and its men’s counterpart, Topman, will be shuttering all of their stores in the United States — a total of 11 — as part of parent company Arcadia Group’s rescue deal in an effort to stave off administration, according to multiple news sources including the BBC and The Wall Street Journal.
In mid-March, Sir Philip Green’s retail empire — which also includes brands such as Dorothy Perkins and Miss Selfridge — was reportedly preparing for restructuring proceedings expected to include widespread store closures and job losses. On Wednesday, the media outlets reported that Arcadia began the insolvency process in its home base of the United Kingdom and sought Chapter 15 court protection in the United States.
The company plans to cease Topshop’s and Topman’s U.S. operations and start liquidating inventory in stores as soon as this weekend, which will coincide with the upcoming Memorial Day holiday. The retailer has already begun its holiday sale, with markdowns up to 50% off. It has outposts in New York, Los Angeles, Miami, Houston and more major metropolitan cities.
Arcadia will also close 23 locations in the United Kingdom and Ireland, including those of its Dorothy Perkins, Miss Selfridge, Burton, Evans, Outfit and Wallis brands.
Overseeing the Chapter 15 case is Judge James Garrity Jr. of the U.S. Bankruptcy Court in New York, who has agreed to grant provisional approval of the group’s filing. A final hearing is scheduled for June 14.
Topshop’s move comes amid rapidly shifting consumer preferences and growing pressures from e-commerce. It becomes the latest casualty in a string of retailers that have downsized this year alone, counting JCPenney, Payless ShoeSource, Saks Off 5th and Gap.
FN has reached out to Topshop for comment.
Watch FN’s interview with Alexa Chung.
Why Topshop and Dorothy Perkins Could Be the Next Retailers to Close Stores
Retail Store Closures: All the Companies That Are Downsizing in 2019