Topshop closes all US stores after operator Arcadia Group filed for bankruptcy.
The UK retailer has begun liquidating inventories at 11 Topshop and Topman stores in the US this weekend after announcing that places in the nation will close their doors, the Wall Street Journal reported. Topshop opened its first US store in New York City in 2009 and expanded into other cities including Los Angeles, Miami, Las Vegas, Houston and Chicago.
These shops employ about 800 people. The closing dates of all locations were not announced.
According to the BBC, Arcadia plans to close another 23 stores in the UK and Ireland.
Topshop announced the closure of all US stores. (iStock)
The company's executive director, Ian Grabiner, said in a statement on Wednesday that the closures are a "hard but necessary decision".
There has been an "increasing shift from retail to online shopping and an aggressive environment for discounts" Retailers compete for customers [and] with high product returns, "said the company's foreign agents, Daniel Francis Butters and Ian Colin Wormleighton, according to the Journal ,
Arcadia, which also operates several other brands, including Outfit and Miss Selfridge, will now focus on driving digital growth, increasing revenue, and improving infrastructure.
The brand was controversial in Octob er 2018, when its owner Philip Green was charged with sexual harassment, racial abuse and bullying. Beyonce broke the relationship with Green a month later and said that her fashion line Ivy Park would no longer be sold in the Topshop.
CLICK HERE TO OBTAIN THE FOX BUSINESS APP
Growing number of retailers closing stores in the US this year.
Payless ShoeSource announced it will close 2,300 stores by the end of June. Discounters Fred & # 39; s and Dressbarn also announced they will close some locations earlier this month.