Philip Green-owned Arcadia Group is set to close down 31 more stores by the end of this month. This was, reportedly, confirmed by its Deloitte administrators.
Amongst the stores to be closed are 21 Outfit stores.
The other 10 stores include the stores of Arcadia Group’s other brands. None of these stores will reopen even after lockdown restrictions are lifted, and that would mean axing of at least 700 jobs.
Ever since the Group fell into administration on 30 November 2020, Deloitte has been seeking buyers for some or all of Arcadia’s brands. While Next is in the race to acquire Group’s brands, American apparel firm G-III Apparel is also bidding for Group’s assets.
Also Read: G-III Apparel bids for Arcadia’s brands
The decision to close down 31 stores forever has been attributed to extended closure of non-essential stores all across the UK post-Christmas.
Notably, the decision also comes a day after the bidding deadline passed (18 January). Though there aren’t too many details disclosed as yet, Next seems to be ahead in the race.
Also Read: Next seen as frontrunner to acquire Topshop!