(SPOT.ph) In November 2020, it was announced that British multinational company Arcadia Group, the parent company behind Topshop and other globally recognized retail brands, collapsed into administration, meaning the company was declared insolvent. Today, February 15, a representative from Topshop's franchise holder in the Philippines confirmed that Arcadia-owned retail brands Topshop, Topman, Dororthy Perkins, and Burton will be closing down all their stores in the country. The representative noted that all branches will be completely closed down by April.
In early February, it was reported that online fashion retailer ASOS purchased Topshop and Topman from Arcadia while Boohoo, another e-commerce platform, purchased Dorothy Perkins and Burton. The Guardian notes that the purchasing deals do not include Arcadia's physical stores or warehouses, leaving thousands of jobs at risk worldwide. Boohoo stated that the they had agreed to buy only "the e-commerce and digital assets and associated intellectual property rights, including customer data, related business information, and inventory."
Topshop was founded in 1964 and by 2015, had 510 stores across 58 countries. Along with its male counterpart Topman, the brand has long been known for their irreverent and forward-thinking approach to fashion trends, once recognized for being at the forefront of what is known in Britain as "high street fashion" or fashion readily available for purchase in cities and commercial areas. However, the brand struggled as they entered the 2010s with more and more retailers turning to online operations to meet consumer needs-a vital strategy that many businesses have used to stay afloat amidst COVID-19 pandemic.
Topshop's sister brand Dorothy Perkins is geared more towards classic and versatile fashion finds made for every day while menswear brand Burton is known for stylish but functional men's clothing, both formal and casual.
Main image from Shutterstock; for illustrative purposes only.
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