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(Alliance News) - Next PLC said late Thursday it would not come to the rescue of Arcadia Group as it withdrew its interest in acquiring the Topshop owner.
Philip Green's Arcadia retail empire collapsed into administration at the start of December after it became the latest company hurt by the coronavirus pandemic.
The high street clothing retailer has been touted as one of the most likely suitors in the process, with the listed retailer bidding for the group in partnership with US hedge fund Davidson Kempner, but was unable to come to an agreement with administrators.
"Next announces that it has withdrawn from the process to acquire any, or all, of the Arcadia Group from the Administrator, as our consortium has been unable to meet the price expectations of the vendor," the company said.
Next said it wished the administrator and future owners well in their endeavours to "preserve an important part of the UK retail sector".
JD Sports Fashion PLC, Frasers Group PLC and Boohoo Group PLC have also been reported as having an interest in acquiring Arcadia brands.
The stock closed up 0.6% at 8,158.00 pence on Thursday.
By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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