In a bombshell announcement for the fashion world, Topshop has announced that it’s closing ALL of its US stores and nearly two dozen stores throughout the UK.
The BBC reports that the British retailer has labelled the store closures as ‘tough but necessary’, and will lead some local shoppers to wonder whether Topshop stores in Australia will be affected by future store closures also.
The announcement will see all 11 Topshop and Topman stores in the US close their doors and 23 UK locations close, putting 520 jobs in jeopardy.
The store closures are considered a ‘last-ditch effort’ by Topshop’s parent company Arcadia Group to avoid a ‘breakup’, and comes after the company were forced to close another 200 stores across their group in the past three years.
It’s the latest in a line of setbacks for the company. In 2018, Beyonce bought back her fashion line Ivy Park from Topshop after allegations of sexual harrassment were made again the chairman of the Arcadia Group.
Last month, the singer announced she was relaunching Ivy Park with Adidas, saying: ‘This is the partnership of a lifetime for me. Adidas has had tremendous success in pushing creative boundaries. We share a philosophy that puts creativity, growth and social responsibility at the forefront of business.’