What’s going on with Topshop? Are stores open, can you order online, and are vouchers still accepted?
With news that owner Arcadia Group has gone into administration, here’s what it means for customers of its beloved brand Topshop.
Last week it was reported that the UK retailer Arcadia Group, which owns Topshop, Topman, Dorothy Perkins, Burton, Evans, Wallis and Miss Selfridge, has gone into administration. The group is struggling with debt, while sales have fallen during the pandemic.
The group’s CEO, Ian Grabiner, commented: “The impact of the Covid-19 pandemic, including the forced closure of our stores for prolonged periods, has severely impacted on trading across all of our brands”.
Customers are understandably wondering what this means for them, however, stores in Ireland are remaining open at the moment, while the company’s administrators search for a buyer. Topshop’s website is also still accepting orders, and customers are assured that anyone who has placed an order online will have it fulfilled.
As stores are still open, the group has also not yet made any redundancies, although the 487 people it employs in Ireland are certainly at risk if a buyer is not found.
Gift vouchers for Topshop and other Arcadia stores are still being accepted, although consumer groups are recommending that anyone who has vouchers use them as soon as possible, in case the store were to go under. Any new owner of the group would also not be required to accept any vouchers issued under its old ownership.
As a result, customers are also advised not to buy any vouchers from Arcadia brands for others as gifts this Christmas.
Some have speculated that Boohoo, led by Irish chief executive John Lyttle, could be interested in buying Topshop and Topman, as it bought the online operations of Karen Millen and Coast in 2019, and Oasis and Warehouse this year.
Although Covid-19 has certainly hit fashion brands hard, Topshop has been under pressure even before the pandemic, with fears it could go under in June 2019.
Featured image: Topshop
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