19th Jan 2021 13:57
(Alliance News) - Arcadia administrators are set to permanently shut another 31 of the fashion group's stores by the end of January, with the loss of 714 more jobs.
Philip Green's Arcadia retail empire collapsed into administration at the start of December after it became the latest company hammered by the coronavirus pandemic.
It is understood that the latest set of cuts, first reported by The Times, will result in the closure of all 21 of the group's Outfit stores.
Outfit, which was acquired by Arcadia from Sears in 1999, is not a fashion brand itself but sells all of Arcadia's retail brands in out-of-town destinations for shoppers.
Arcadia and Deloitte declined to comment on the closure update.
The move comes a day after the deadline for rescue bids set by administrators at Deloitte.
High street stalwart Next PLC is among retail groups to have placed bids to take control of the retail empire.
Deloitte are expected to receive bids worth more than GBP200 million in the process, which could be completed by the end of the month.
Next has been touted as one of the most likely victors in the process, with the listed retailer bidding for the group in partnership with US hedge fund Davidson Kempner.
It faces competition from high street rival JD Sports Fashion PLC, which has held talks over a joint bid with US retail giant Authentic Brands.
Last month, administrators agreed the sale of Arcadia's plus-sized brand Evans to Australian firm City Chic Collective in a GBP23 million deal.
source: PA
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