Topshop is closing all their stores in the US
28 May 2019, 17:25 | Updated: 28 May 2019, 17:32
The British brand has stores in New York, Los Angeles and Las Vegas.
Topshop has revealed plans to close all of its 11 Topshop and Topman stores in the United States. The extreme closure comes in an effort to cut costs after failing to deal with the rise of online competition.
Topshop opened its US flagship shop on Fifth Avenue, New York City, in November 2014. They now have stores in Los Angeles, Atlanta, Las Vegas, San Diego, Chicago, Houston, Washington DC and Miami.
According to reports from CNN, last week Arcadia Group – who owns Topshop – filed for Chapter 15 bankruptcy protection in US court. That means the UK-based company will have protection from their creditors after Arcadia Group listed its assets as $53 million and their total debt as a staggering $179 million.
"Against a backdrop of challenging retail headwinds, changing consumer habits and ever-increasing online competition, we have seriously considered all possible strategic options to return the Group to a stable financial platform," Arcadia CEO Ian Grabiner said in a statement. "This has been a tough but necessary decision for the business."
The news got a very mixed reaction from Topshop lovers.
All US Top shop locations are closing I wanna die— mandy 🍒 (@MandyInes1) May 25, 2019
topshop is really gonna close all of its stores in the US... brb i’m✈️cry— victor 21 (@sparkvsfly) May 24, 2019
Topshop is officially closing all its US locations and GOOD because fuck them. But if you used to work there & want to say you were a former manager, or GM idc use me as a reference I will vouch for u 🤣😎— Fatima (@timaflamee) May 24, 2019
Not topshop closing US locations 😩— IG: Zkoriuncensored (@ZkoriUncensored) May 24, 2019
Now all the girls really gonna be Zara down all summer.. pic.twitter.com/Qid4mfk5z5
Top Shop is closing all of it’s 11 US store locations— Leslo (@lesliewithano) May 25, 2019
This sale is going to be lovelyyy
TOPSHOP IS CLOSING ALL ITS US LOCATIONS THIS IS IT THIS IS THE END FOR ME pic.twitter.com/GF4RxbFog2— “hi kill commander” (@boyrepelller) May 24, 2019
TOPSHOP CAN'T CLOSE WHERE ARE ALL US SHORT BITCHES SUPPOSED TO BUY JEANS— 𝔪𝔦𝔰𝔰 𝔥𝔬𝔟𝔦 𝔡𝔬 𝔲 𝔩𝔬𝔳𝔢 𝔪𝔢 (@jamaisvujung) May 24, 2019
It's not just the US who will feel the hit either, Arcadia Group will close 23 other stores in the UK. The company has around 500 worldwide and over 320 of those stores are in the UK.
The retailer did not confirm when it will close its doors but shoppers will still be able to grab their Topshop pieces online or select Nordstrom locations even after the stores shut.