The Arcadia administrators have reportedly put a price of around £200 million on its star chain Topshop, with attempts to get a deal signed pre-Christmas. That could mean initial bids being filed within the next week.
Shoppers have shunned physical stores to avoid catching Covid-19, and accelerated a shift to online shopping that was underway before the pandemic. The effects are being felt throughout Britain's high streets.
Arcadia is now operating in administration with speculation that Boohoo, Frasers, Next and M&S would be interested in buying parts of it. There are also fears over the knock-on effect on its suppliers.
Giant fashion group Arcadia is believed to be on the verge of the worst UK corporate collapse of the Covid crisis, with the firm expected to go into administration as early as Monday. This would put 13,000 jobs at risk.
Topshop owner Arcadia is reportedly in urgent talks to secure fresh funding in order to stay afloat. That's according to a weekend report that said the group has approached lenders about borrowing roughly £30m".
Global Fashion Group released preliminary Q2 figures on Friday and said that it expects the period to be its second profitable quarter on an adjusted EBITDA basis, as well as its first cash flow-positive three months.