Arcadia’s thin hopes of revival have been hit hard as British clothing retailer Next confirmed yesterday (22 January) that it has decided to withdraw from the bidding race.

In a statement released to media, the fashion retailer said that the decision follows its inability to meet price expectations.

Notably, Next was touted as one of the strongest contenders to acquire some or all of Arcadia Group. It was bidding with American hedge fund Davidson Kempner.

Also Read: Next seen as frontrunner to acquire Topshop!

Final bidding had concluded on Monday (18 January).

Next’s withdrawal has sent shock waves amongst the workers, as the decision now increases the probability of an e-commerce-only buyer for Arcadia Group – thereby sparking the speculation of mass store closures.

Many believe that the Group, in all likelihood, could get sold to an e-tailer and if that’s something to go by, then British fashion e-tailer Boohoo stands a good chance.

Arcadia Group, it is believed, is looking for a buyer that can also keep its physical stores open.

Whether the Group succeeds in changing its fortune for better will be interesting to see. We will keep you posted about all the latest happenings.