LONDON (Reuters) – British retailer Next said it was part of a consortium bidding for some of the brands owned by stricken rival Arcadia, but it would not take a majority stake in a deal.
“We are part of a consortium that is bidding for some of those brands,” Chief Executive Simon Wolfson said in an interview on Tuesday. “We are not looking at taking a majority stake.”
Topshop and Topman owner Arcadia went into administration in November, putting over 13,000 jobs at risk and becoming Britain’s biggest corporate casualty of the COVID-19 pandemic so far.
Reporting by Paul Sandle, editing by Estelle Shirbon