Arcadia Group (London), parent company of Top Shop, has gone into administration, a form of bankruptcy, reports The New York Times. Deloitte will manage the process.
Arcadia has 444 stores in England and 22 internationally, employing about 13,000 people. The store will reportedly remain in operation during administration. Arcadia was reportedly had been in talks for a $40 million loan with rival retail chain Fraser Group, but ultimately the offer was rejected.
Last year, Arcadia closed 80 stores and renegotiated the rent on others and filed for bankruptcy in the U.S., closing all stores here. The move was not enough to sustain its business, with CEO Ian Grabiner stating, ““Ultimately, however, in the face of the most difficult trading conditions we have ever experienced, the obstacles we encountered were far too severe.”