Topshop Oxford Circus flagship put up for sale

Topshop’s London flagship at 214 Oxford Street is closed for good, with the building it's housed in having been put up for sale.

The sale of the store is being managed by agents Savills and Eastdil, the BBC reports.

The three-storey building has been a retail icon since opening back in 1994, living through the great rise, and then subsequent fall, of the brand’s owner, Arcadia.

Arcadia, which also owns brands Burton and Dorothy Perkins, fell into administration at the end of November, putting 13,000 jobs at risk.

The business has been struggling over the past few years to compete with new online competitors. Those issues were further compounded this year by the pandemic.

This week there were reports that Arcadia’s administrator Deloitte, who is now looking to sell off Arcadia’s brands, has given potential suitors a deadline of 18 January to make final bids.

According to The Times, Deloitte has narrowed the frontrunners down to just five: Boohoo, Frasers Group, Next - bidding jointly with American investment firm Davidson Kempner - and online Chinese fast-fashion retailer Shein.

It is unknown whether Authentic Brands has made it to the second stage.

Photo credit: FashionUnited