- Huw Hughes |
Arcadia’s administrator Deloitte has reportedly accelerated the sale of the retail group’s fashion brands, giving potential suitors a deadline of 18 January to make final bids.
According to The Times, Deloitte has narrowed the frontrunners down to just five, though they are understood to have been around thirty expressions of interest.
Those potential buyers are thought to be led by Boohoo, Frasers Group, Next, bidding jointly with American investment firm Davidson Kempner, and online Chinese fast-fashion retailer Shein.
It is unknown whether Authentic Brands has made it to the second stage.
Arcadia, whose portfolio includes Topshop, Burton and Dorothy Perkins, called in administrators from Deloitte at the end of November after its trading was “severely impacted” by the pandemic. The move put some 13,000 jobs at risk.
Last month, Arcadia’s administrators sold the Evans brand, e-commerce and wholesale business to rival City Chic Collective Limited for a cash consideration of approximately 23 million pounds.
Photo credit: FashionUnited