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PRESS: Next In Talks With US Investment Firm For Arcadia Bid - Sky
Sat, 19th Dec 2020 08:53
(Alliance News) - Clothing and homewares retailer Next PLC is in discussions with the US s Davidson Kempner Capital Management about a joint offer for collapsed UK fashion store chain Arcadia, Sky News reported on Friday.
Sky cited sources as saying on Friday that the two companies were likely, but not certain to bid for the owner of the Topshop, Burton and Miss Selfridge brands. Davidson Kempner would provide the majority of the funding required for the takeover, according to Sky, and would own the majority of the business afterwards.
Next has also held talks with other finance houses, including Alteri and Carlyle, about a bid, according to Sky News, which first reported the potential tie up with Davidson Kempner.
The retailer has been expanding its portfolio of brands in the past year with a joint venture to operate 18 Victoria’s Secret standalone lingerie stores in the UK, as well as sell the brand in its own stores and online. It has also become a licence partner licence for Ted Baker lingerie, and has taken on parts of several former Debenhams stores to create a new beauty outlet.
Other parties interested in Arcadia are thought to include Mike Ashley’s Frasers Group, online specialist Boohoo, Marks & Spencer and Authentic Brands, the owner of US department store Barneys. Primark has also asked for bidders information but is not expected to place a formal offer.