Next quits frenzied bidding war for Topshop admitting it cannot match rival bids
Next has pulled out of the race for Topshop following a frenzied bidding war for the jewel in Sir Philip Green’s Arcadia crown.
The FTSE 100 chain, which was working with US investment firm Davidson Kempner Capital Management, could not match its rivals’ bids.
The firm is Britain’s largest clothing retailer and was a frontrunner in the race to buy Topshop, the most sought after of the stable of brands left over after Arcadia went bust last month.
Fashion stakes: Next, which as a frontrunner in the race to buy Topshop has now admitted it cannot match its rivals’ bids
The withdrawal, first reported by Sky News, may clear the way for Shein to buy Topshop for more than £300million.
The Chinese fast-fashion giant was a late entrant but it is now believed to have put in the strongest offer of the seven bids received.
Other bidders are believed to include Boohoo, Asos and New York-based conglomerate Authentic Brands, which is working with JD Sports.
There are 13,000 jobs at risk from Arcadia’s collapse, and many of its 500 stores are unlikely to survive.
Some of its other less sought-after brands including Evans, Wallis and Outfit may fail to attract bidders.