British fashion chain Topshop is planning to close all 11 of its U.S. stores after its parent company filed for bankruptcy protection.
Arcadia Group, the London-based owner of the chain, said it is facing poor market conditions in the retail sector. The company blamed online competition such as Amazon and discount-retailers like TJMaxx for weak sales.
Against a backdrop of challenging retail headwinds, changing consumer habits and ever-increasing online competition, we have seriously considered all possible strategic options to return the Group to a stable financial platform, Arcadia CEO Ian Grabiner said in a statement to CNN. This has been a tough but necessary decision for the business.
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