Some believe that it’s the end of an era while others hope that a knight in shining armour will come to save the day! UK’s beloved retailer Topshop is facing a hard time this year; they have closed down over 200 branches in the UK over the last three years and now they announced the closure of all of their US locations, in addition to filing for Chapter 15 bankruptcy protection.
Arcadia Group, the parent company announced the closure of all Topshop and Topman locations in the US in an effort to avoid “going into administration”. For those with no business intel, this simply means that the company will be temporarily taken over by an individual or individuals for investigation to determine the situation. According to the results of the investigation it will be decided if the company can be saved or not!!
The situation is looking quite grim at the moment and this comes only a few months after Beyoncé’s scandal. Beyoncé who had originally sold her Ivy Park line excessively to Topshop, decided to sever ties with the brand following sexual harassment allegations that she had made against Topshop chairman Sir Philip Green. Following her split from Topshop Beyoncé signed partnership with Adidas.
All is not lost however, and despite the fact that the company is blaming heated online competition and shifting shopping habits for its woes, it will still be operative online. Other retailers to have filed for bankruptcy recently are Gymboree, Payless, and Sears.