Next and US investor plan joint bid for Arcadia – report
Topshop owner collapsed into administration last month
Arcadia’s brands include Topshop, Topman, Dorothy Perkins, Wallis and Miss Selfridge. Photograph: iStock
Fashion retailer Next is in talks with American investment firm Davidson Kempner Capital Management for a joint bid to gain control of Arcadia fashion group, which collapsed into administration last month, Sky News reported on Friday.
The two companies were “likely, but not certain” to bid for Arcadia ahead of a revised deadline next Monday, the Sky News report added, citing sources.
Under the plans being discussed, Davidson Kempner would provide the majority of the funding required to complete a takeover, it was reported.
Next and Davidson Kempner Capital Management did not immediately respond to Reuters requests for comment.
Jobs at risk
Arcadia’s collapse into administration in November put more than 13,000 jobs at risk, with the company becoming one of the UK’s biggest corporate casualties of the Covid-19 pandemic.
The Daily Telegraph earlier this month reported Authentic Brands was planning a takeover of Arcadia Group, which had declined sportswear group Frasers’ offer of a “lifeline” loan of up to £50 million (€55 million). – Reuters