Topshop Failure: Retailer closes its American stores
Topshop's ten-year presence in the USA is coming to an end. After a recent bankruptcy filing, the British fashion retailer's chain is closing all 11 stores located in the country, including Topman.
According to management, the closure will not affect online sales and buyers will still have the opportunity to buy the products of this retailer on its online platform, as well as through wholesale partners such as Nordstrom. The closure of stores takes place against the backdrop of a large-scale restructuring of the parent company Topshop, known Arcadia Group. The restructuring plans – to redistribute based on a thorough analysis the location of 23 stores in the UK.
CEO of Jan Grabiner told the press that this step was a "tough but necessary decision for the business". The elimination of clothing remnants in American stores this weekend caused a stir and huge queues. Recall that British Topshop opened its first store in USA in New York ten years ago, then there was a successful opening of stores in Chicago, Miami, Los Angeles and other major cities.
The blow to the retailer came last year, when last fall the company became embroiled in litigation. Its owner Sir Philip Green was accused of sexual crimes, as a result of which Beyonce bought out her label IVY PARK, created in partnership with the retailer. Previously, scandals, as a rule, did not affect the fate of designers, but only fueled interest in their products, but in recent years, manic attention to harrasment makes the world tougher, and you can fly out of business overnight.
Photo: open sources.