First Arcadia brand rescued as Evans finds a buyer
Other brands including Topshop, Topman, Dorothy Perkins, Wallis, Miss Selfridge, Burton and Outfit are still up for sale
21 December 2020 • 9:09am
Arcadia s administrators have sold the first of Sir Philip Green s ailing brands, Evans, to City Chic Collective for £23m.
The Australian company has bought the Evans website, customer base and stock, but not its stores, which will disappear from the high street.
This follows other rescues of businesses in administration such as Coast and Karen Millen, which were sold to Boohoo as websites while their physical shops were closed last year.
Bosses at Next will spend the weekend thrashing out a deal to rescue Sir Philip Green s Arcadia empire.
Next is in talks with US asset management giant Davidson Kempner Capital Management about joining forces and financing a bid for the home of Topshop, Topman, Burton and Miss Selfridge.
Arcadia dramatically collapsed into administration last month and up to 13,000 jobs are at risk.
Fashion swoop: Next is in talks with US asset management giant Davidson Kempner Capital Management about joining forces and financing a bid for Sir Philip Green s Arcadia empire
Next, run by Simon Wolfson for nearly 20 years, has just two days to thrash out funding for the deal as bids have to be in by Monday.
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Updated / Friday, 18 Dec 2020
16:09
Next is in talks with US investment firm Davidson Kempner Capital Management for a joint bid to gain control of Arcadia, reports say
Fashion retailer is in talks with American investment firm Davidson Kempner Capital Management for a joint bid to gain control of Arcadia fashion group, which collapsed into administration last month, Sky News reported today
The two companies were likely, but not certain to bid for Arcadia ahead of a revised deadline next Monday, the Sky News report added, citing sources.
Under the plans being discussed, Davidson Kempner would provide the majority of the funding required to complete a takeover, Sky News reported.
Article content
Fashion retailer Next is in talks with American investment firm Davidson Kempner Capital Management for a joint bid to gain control of Arcadia fashion group, which collapsed into administration last month, Sky News reported on Friday.
The two companies were “likely, but not certain” to bid for Arcadia ahead of a revised deadline next Monday, the Sky News report added, citing sources. (https://bit.ly/3r89qv6)
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