Topshop Flagship Store On Oxford Street Closes Its Doors Amid Reports It's For Sale
The multi-storey goliath, right in the heart of Oxford Circus, was often the site of many day trips where you could lose yourself for hours in the multiple sections and seemingly infinite clothes-racks.
But the infamous 'landmark' is reportedly being sold off by fashion empire Arcadia after the company collapsed into administration late last year.
Administrators to Redcastle Limited, which owns Topshop's 90,000 square foot estate on 214 Oxford Street, have now appointed Eastdil and Savills to explore a sale of the instantly recognisable store.
The proceeds of selling the Topshop megastore will likely be used to cover Arcadia's hefty pension deficit.
It is unlikely the 90,000 square foot Topshop will ever reopen again in its current form, with all non-essential shops forced to close until February 22nd at the very earliest due to Prime Minister Boris Johnson plunging the UK into a third lockdown.
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Arcadia, which also owns Miss Selfridge, Wallis and Dorothy Perkins along other brands, went bust in November 2020 - putting 12,000 jobs at risk unless buyers decide to purchase the company's assets.
Former Arcadia brand Evans has already been snapped up by Australian brand City Chick, which has seen all standalone stores and concession outlets close in the UK.
However, you can still buy from the brand online.
Topshop, which once dominated high-street fashion thanks to its cool streetwear chic is also thought to be rescued by buyers.
It has previously been reported that the owners of Next are keen to put an offer in for the store, with Sport Direct's Mike Ashley and online fashion giants Boohoo vying to place bids.
A spokesperson for Topshop declined to comment on reports of a sale to Tyla.
We better keep an eye on our Joni jeans - they may well become collector's items one day...
Featured Image Credit: PA Images
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