Sad news for fast fashion fans: The British retailer Topshop will be closing all of its stores in the United States.
According to BBC, the company is planning on closing 23 shops throughout the U.K. and all 11 of its Topshop and Topman stores in the U.S. The move is "widely considered a last-ditch effort by Topshop’s parent company, Arcadia Group, to avoid a 'breakup.'"
Ian Grabiner, Arcadia Group’s CEO, called the closures—which could impact 520 jobs—“tough but necessary.” In fact, the group has already shuttered 200 boutiques over the last three years.
So what's to blame for the downfall? A cocktail of things, according to BBC. They cited outside competition, in addition to the sexual harassment and bullying allegations against Sir Philip Green, the chairman of Arcadia Group (which owns Topshop and Topman, Dorothy Perkins, Miss Selfridge and a handful of additional U.K.-based brands). BBC also noted: "Many retail experts believe Topshop, Sir Philip's prize asset, has fallen out of favor with today's young consumers, who are favoring online retailers such as Asos and Pretty Little Thing."
