We all witnessed the liquidation of Payless back in February, and now the latest retailer to fall from grace is Topshop.
According to CNN, the imprint’s family company Arcadia Group will shut down all 11 locations in the U.S. following plans to restructure after filing for bankruptcy protection. Arcadia CEO Ian Grabiner made an official statement in regards to the decision to cease operations in the States, explaining, “Against a backdrop of challenging retail headwinds, changing consumer habits and ever-increasing online competition, we have seriously considered all possible strategic options to return the Group to a stable financial platform,” also stating, “This has been a tough but necessary decision for the business.”
While a tough retail market may in fact be the primary reason, others have been quick to note the fall from grace of Topshop owner Sir Philip Green, who’s been accused of sexual misconduct, racial remarks and employee harassment. The allegations even made Beyoncé cut ties with the brand and move her IVY PARK sportswear imprint over to adidas.
Here’s how Jezebel describes the situation over at Topshop:
“Topshop sales have been suffering due to competition from other fast-fashion, online-savvy retailers like Asos, according to Business Insider. The chain also took a hit when the owner of Topshop, Sir Philip Green, was accused of sexual misconduct in October 2018. Along with accusations of racism and employee harassment, the allegations led to customer boycotts of Topshop, resulting in the decline of Green’s personal fortune as well, reportedly by half.”
Topshop, along with its mens division Topman, is expected to start liquidation sales as early as this weekend according to Business Insider, affecting locations in New York, Los Angeles, Houston, Miami and Chicago amongst others in the country.
We’ll keep you updated as more details surrounding the liquidation of Topshop come to light, including a timeframe of when stores will officially shut down. Luckily, fans of the brand will still be able to shop online at Topshop.com and Topman.com, in addition to its wholesale partners like Nordstrom.