Reports of the sale have triggered fears the store will not reopen once Covid-19 restrictions have been lifted in England
The Oxford Street store of fashion and beauty darling Topshop has gone up for sale in the UK capital.
The 90,000sqft, three storey space, which boasted a nail bar, DJ set and food market, has ceased trading due to the England-wide lockdown coming into force today, but reports of a sale have triggered concerns that the store will not reopen once restrictions are lifted.
Estate agency Savills and investment bank Eastdil are said to be charged with managing the sale of the property.
Topshop’s owner Arcadia – helmed by British retail tycoon Sir Philip Green – went into administration in November last year following a bout of sluggish sales brought on by the coronavirus pandemic.
Prior to its collapse, Green repeatedly failed to secure a rescue loan for the group’s brands and declined a last-ditch £50m lifeline from retail owner Mike Ashley.
The decision has put 13,000 jobs at risk across Topshop, Dororthy Perkins and Wallis brands, as well as Outfit, Miss Selfridge, Burton and Topman.
Before Christmas it emerged that retail brand Next and US investor Davidson Kempner Capital Management were holding discussions on a joint takeover of the sinking business.
In 2018, Topshop turned its attention to developing its beauty arm with an overhaul of its original line.
Inspired by the brand’s grungy clothing collections at the time, Topshop put experimentation at the centre of the new collection, stocking more than 80 lipsticks shades, six different eyeshadow finishes and textures, and 15 nail polish colours.
Arcadia declined to respond to Cosmetics Business regarding the sale.