Topshop’s flagship retailer has been put available on the market (Image: EPA)
The Arcadia Group is making ready to shut its flagship ‘massive’ Topshop on Oxford Avenue, in central London.
The corporate, owned by Sir Philip Inexperienced, collapsed into administration late final 12 months, placing round 13,000 jobs in danger. It has now appointed agnes Savills and Eastdil to supervise the sale of the 90,000 sq. foot retailer.
Eastdil is predicted to supervise the sale technique for the constructing, whereas Savills will advise on future leasing choices, it was reported.
Because of England’s present lockdown restrictions, which had been confirmed by Boris Johnson on Monday night, the shop is already closed to the general public. Non-essential retailers will stay shut till no less than February 22.
The Arcadia Group owns seven retail chains, together with Topshop, Dorothy Perkins, Miss Selfridge and Wallis. There have been already greater than 9,200 workers on furlough on the time of the corporate’s collapse in November.
It’s thought the vast majority of the cash recouped from the closure of the Topshop shall be paid to non-public fairness group Apollo Administration, who’ve agreed a four-year mortgage with Arcadia.
The shop has been a landmark for followers within the capital (Image: PA)
The Arcadia Group went into administration final 12 months (Image: Getty Pictures)
Topshop is recognised as Arcadia’s hottest model, and is predicted to go for round £200million at public sale later this 12 months. Subsequent is believed to be enthusiastic about shopping for the manufacturers.
Evans, a model inside the group which specialises in plus-sized vogue, has already been bought to Australian vogue retailer Metropolis Stylish.
Davidson Kempner Capital Administration can also be rumoured to have a look at taking over smaller manufacturers inside the firm similar to Dorothy Perkins and Wallis.
In the present day followers of the flagship Topshop in London expressed their disappointment on the retailer’s closure on social media and described it as a landmark for younger buyers dwelling in or visiting the capital.
The shop ceaselessly hosted DJ units, and likewise featured a hair salon, magnificence parlour and miniature Lola’s Cupcake stall amongst its many flooring.
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