Next consortium leads race to buy Topshop – Guardian

A consortium including British retailer Next PLC is leading the race to buy struggling fashion retailer Topshop, The Guardian reported Jan. 17.

Topshop's parent Arcadia Group Ltd., which also owns popular brands including Dorothy Perkins and Miss Selfridge, went into administration in November 2020 and appointed Deloitte LLP's Matthew Smith, Daniel Butters, Gavin Maher and Robert Fishman as joint administrators.

Next reportedly has teamed up with U.S. hedge fund Davidson Kempner Capital Management LLC to jointly bid for the business and Jan. 18 is the final date for the companies to submit the bids.

Next CEO Simon Wolfson confirmed the company's interest in Arcadia but said the company was "only interested in the brands that we think are very, very good" and would be a minority shareholder in any new venture, according to The Guardian.

Next did not immediately respond to S&P Global Market Intelligence's request for comment.

British retailer JD Sports Fashion PLC has also tied up with Authentic Brands Group LLC to acquire the business. Other retailers including Associated British Foods PLC, Marks & Spencer Group PLC, Frasers Group PLC, Boohoo Group PLC and River Island Holdings Ltd. are also reportedly bidding for Arcadia's former assets.