Jan 21, 2021

Next pulls out of race to buy Topshop-owner Arcadia

Fashion chain Next has said it will no longer bid to buy Sir Philip Green's Arcadia retail empire out of administration. Jobs were put at risk when Arcadia, which also owns Burton and Dorothy Perkins, went bust in November. Administrators Deloitte have been looking for buyers for some or all of Arcadia, after a slump in sales caused by the pandemic triggered its collapse. Experts expect Arcadia to be broken up, with bidders taking on different parts of the business and brands potentially hived off from their stores. In December, Australian collective City Chic said it would buy Arcadia's Evans brand, commerce and wholesale business for £23m but not its store network.

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