Topshop to Close All U.S. Stores

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Topshop plans to close its 11 U.S. stores after filing for bankruptcy, including doors in Los Angeles, New York, Miami and Chicago, while continuing its Topshop and Topman brands online and through wholesale partners like Nordstrom, according to Business Insider.

Topshop’s parent company, UK-based Arcadia Group, is awaiting approval on a restructuring plan, seeking rent concessions from landlords and proposing pension plan payments of up to 50%. Absent a deal, Business Insider said, the company could go into administration, putting 19,000 jobs at risk.

Group CEO Ian Grabiner said in a statement that the restructuring was a “tough but necessary decision for the business,” blaming the usual suspects: A challenging retail environment, changing consumer habits and increased online competition.

Topshop joins the long ongoing list of retailers shuttering locations or going out of business altogether, most recently Dress Barn and Pier 1 Imports.

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