Topshop Is Closing All Its U.S. Stores

Topshop announced a major shake-up today. According to BBC, the British retailer is shuttering 23 stores throughout the UK and all of its 11 Topshop and Topman stores in the United States. The move puts 520 jobs in jeopardy and is widely considered a last-ditch effort by Topshop’s parent company, Arcadia Group, to avoid a “breakup.”Arcadia Group’s CEO, Ian Grabiner referred to the closures as “tough but necessary,” reports BBC. The company — which is also home to other British retailers like Miss Selfridge, Burton, Evans, Dorothy Perkins, and Wallis — has already closed 200 stores in the last three years.Topshop, in particular, has faced several challenges in recent months. In 2018, BeyoncĂ© bought back her athleisure line, Ivy Park, from Topshop after news broke about the alleged sexual harassment case against Philip Green, chairman of the Arcadia Group. Just last month, BeyoncĂ© announced that she was relaunching Ivy Park by teaming up with Adidas.“This is the partn