Next CEO says not looking at majority stake in any Arcadia deal

FILE PHOTO: Shoppers walk past a Next store on Oxford Street in London, Britain December 17, 2018. REUTERS/Simon Dawson

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

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