TOPSHOP is reportedly selling off its flagship Oxford Street store after 25 years – but does it mean there will be a closing down sale?
Sir Philip Green’s Arcadia retail empire, which also owns Dorothy Perkins and Burton, went into administration in November blaming the pandemic for “severely impacting” sales.
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The move has put 13,000 jobs at risk, although some of these could be saved if parts of the business are bought.
Reports in mid-December suggested TopShop was going to be rescued by US retail giant Authentic Brands, but it’s not clear whether a deal will go ahead.
The retailer has reportedly put its flagship three-storey shop on Oxford Street, London, up for sale after 25-years.
So could this mean a closing down sale will happen? We explain all we know so far.
Will there be a closing down sale?
It’s important to note that even though the flagship store on Oxford Street is being sold, it does not mean that it is closing down.
A potential rescue deal could see Topshop kept on as a tenant and to continue to trade.
A spokesperson told The Sun that there are currently no plans to permanently close the store.
It means that the retailer does not expect to hold a closing down sale.
They said: “The Topshop Topman Oxford Circus flagship store is not permanently closed as has been reported.
“It is only temporarily closed in accordance with recent Government announcement and lockdown affecting non-essential retail stores.”
Shoppers can expect big price cuts in closing down sales as retailers look to shift stock.
For example, BHS, which was owned by Arcadia until it disappeared from the high street in 2016, slashed prices by at least 70% in its closing down sale.
It was even flogging store mannequins for bargain prices.
What’s on sale at TopShop now?
Even though TopShop isn’t holding a closing down sale, it has knocked up to 70% off in its January sales.
You can get 64% off these skinny jeans which are now £15, down from £42.
And you can get these chunky leather boots for half price at £55, down from £109.
This black heart bag has been slashed by 70%, and you can get it for a tenner.
Arcadia has already sold off one of its other brands in administration, Evans.
The plus size clothing brand was bought by Australian retailer City Chic Collective.
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Topshop had to close as part of the third lockdown restrictions, and here’s all the other shops that had to shut too.
The retailers are considered non-essential businesses, meaning they’ll have to shut alongside gyms, hairdressers and nail salons.
And if you’re wanting to know when the Boots annual 70% mega sale is happening, we’ve rounded up all we know so far about the bargain bonanza.
Philip Green’s Arcadia empire, including Topshop and Dorothy Perkins, collapses into administration with 13K jobs at risk
