Stock up while you can because millions of people will be out of luck once their favorite clothing store, Topshop announced they'll be closing all of their 11 US locations. Now the big question is, why? Well due to their parent company and operator, Arcadia Group, will be filling for bankruptcy in hopes to rebuild. Arcadia Group, the London-based owner, said it was facing "unprecedented" market conditions in the retail department. Like other brick-and-mortar retailers, the company blamed the decline on the shift of how people are now doing their shopping, due to online competition and shifting shopping habits. Brands like Amazon and TJMaxx have put pressure on the fast-fashion sector of retail.
The company has listed their assets at 53 million but reporting their debt is a crazy 179 million. Topshop has stores in New York, Los Angeles, Atlanta, Las Vegas, San Diego, Chicago, Houston and Miami. The chain did not announce when stores will shut down but did mention that the brand will continue to sell to the US through online even after stores close. In just the year 2019 alone, US retailers have said 5,994 stores will close. That number already beats last year's total of 5,864 closure announcements. Bankruptcies have also afflicted retail brands Payless, Gymboree, and Charlotte Russe.