Next abandons Arcadia brand acquisition plans

Next has stepped out of the ‘contest’ to acquire Arcadia Group brands our of administration expressing concerns over the price expectations of the sellers. This leaves a trio of US parties as well as Boohoo and ASOS which are expected to place their full and final offers within the next week.

The Evans brand has already been sold for £23 million to City Chic Collective, an Australian retail business.

Arcadia has said that it is, in any case, set to close around 25 stores by the end of this month which will see around 700 staff redundant.

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