The size of debt that forced Arcadia into administration was revealed Wednesday: £750 million. However, the group’s administrator Deloitte warned the final figure was expected to be "materially higher”.
There's a new frontrunner in the race to buy Topshop, Topman and Miss Selfridge with Asos being suggested as the lead contender on Saturday evening, which could mean the chances of saving any stores are slim.
The company seen as the frontrunner to win the Topshop auction surprised observers late on Thursday as it emerged Next had pulled out of bidding for the most valuable name in the Arcadia basket of brands.
Much of the attention around the bidding for Arcadia's brands has been focused on big names such as Boohoo, Frasers, and Authentic Brands too. But reports suggest as many as 40 parties have registered their interest.
Frasers Group was reportedly racing to try to do a deal on Debenhams at the weekend, but reports also suggested that US-based Barneys owner Authentic Brands has both Debenhams and Arcadia in its sights.
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.