Arcadia Group, the owner of chains like Topshop, has announced a number of stores will be closed permanently - including all of the eleven stores in the United States.
The last few years have been abysmal for the owner of Topshop, Dorothy Perkins and Miss Selfridge, causing 200 stores to be closed already. Now 34 more are added to that list: 11 American and 23 British stores. CEO Ian Grabiner calls it a tough decision that is necessary to help save the company, which suffers badly from the competition by brands like Asos, H&M and Zara.
To add to Arcadia's problems, its owner Philip Green was accused of inappropriate behaviour of a sexual and racist nature, which led to the termination of the collaboration with Beyoncé's fashion label Ivy Park.