Next ends the frenzied bidding war for Topshop and admits that it cannot keep up with competing bids
Next has withdrawn from the Topshop race after a furious bidding war for the jewel in Sir Philip Green’s Arcadia crown.
The FTSE 100 chain, which worked with the US investment firm Davidson Kempner Capital Management, could not meet the offers of its competitors.
The company is the UK’s largest clothing retailer and pioneered the race to buy Topshop, the most sought-after branded stable that was left after the Arcadia collapse last month.
Fashion stakes: Next, the company that has admitted to being the frontrunner in the race to buy Topshop has failed to meet its competitors’ offerings
The withdrawal, first reported by Sky News, could pave the way for Shein to buy Topshop for more than £ 300 million.
The Chinese fast fashion giant was a late entrant, but is now believed to have made the strongest bid of the seven bids received.
Other bidders are believed to be Boohoo, Asos, and the New York-based conglomerate Authentic Brands, which works with JD Sports.
The collapse of Arcadia puts 13,000 jobs at risk and many of the 500 stores are unlikely to survive.
Some of the other less sought-after brands, including Evans, Wallis, and Outfit, may not be attracting bidders.