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The retail industry took yet another big blow when Topshop announced earlier this week that it plans to close all of its 11 Topshop and Topman stores in the United States. 

According to CNN, Topshop's parent company, Arcadia Group, "seeks to restructure after filing for bankruptcy protection" in the US. Filing for Chapter 15 bankruptcy protection in US court gives the foreign company protection from creditors. It reportedly listed its assets as $53 million and total debt as $179 million in the court filing.

While a business literally closing up shop is usually considered sad, reactions to the Topshop news have been mixed. Some people are bummed, but others can't help but feel that the British retailer had this coming.

Another day, another brick-and-mortar retailer bites the dust.

Topshop, long considered one of fast fashion's most popular darlings, is bidding farewell to the United States. The British retailer announced earlier this week that in an effort to cut costs, it intends to close all of its 11 Topshop and Topman stores in the US. Additionally, its parent company, Arcadia Group, will close 23 other stores throughout the UK. 

The retailer reportedly faced "unprecedented" market conditions.

According to CNN, Arcadia Group's CEO said the decision to leave the American market was "tough but necessary." 

"Against a backdrop of challenging retail headwinds, changing consumer habits and ever-increasing online competition, we have seriously considered all possible strategic options to return the Group to a stable financial platform," Ian Grabiner said in a statement.

The company's financials don't look so great.

As CNN reports, Arcadia Group just filed in US court for Chapter 15 bankruptcy protection this week. Doing so gives them, as a foreign company, protection from their creditors. And it makes sense why they would want that kind of protection: Arcadia Group listed its assets as $53 million and total debt as $179 million.

That's pretty yikes.

There's no word yet on when the closures will take place.

Topshop has a retail presence in all of the major US markets including New York, Los Angeles, Atlanta, Las Vegas, San Diego, Chicago, Houston, and Miami. While the company hasn't provided a timeline for when those locations will close their doors, it has said that it will continue to sell in the US but only through its website.

Topshop has faced a string of misfortunes over the last year.

Last October, Arcadia's chairman Philip Green was accused of sexual harassment and bullying. 

“The volcanoes erupt frequently,” Grabiner told the Financial Times. “He's very sensitive, but I think that for all people like Philip, insecurity is a factor, because in their minds they have got to continue to be successful. There’s a very childish side to Philip that looks for affection.”

For his part, Green said that he didn't have regrets about how he's handled his business.

And that led to Beyoncé herself intervening.

She wasted no time buying back her athleisure line, Ivy Park, from Topshop after the news broke about the allegations against Green. And just a couple months later, Queen Bey announced that she was relaunching Ivy Park by teaming up with Adidas. At the time of the announcement, she called working with Adidas "the partnership of a lifetime." 

Talk about shade.

So, admittedly, people are feeling torn about this news.

First of all, if you come for the queen, you best not miss! Once the word got out about the allegations against Green, it was really only a matter of time before Beyoncé did what she had to do. Over on Twitter, one fan said that the closures are directly tied to the "Beyoncé and Ivy Park impact." 

And I mean, where is the lie?

Meanwhile, we'll be patiently awaiting that first Bey x Adidas collection to drop.

Let's not forget: Green also allegedly paid off a black male employee after making horrible comments about his hair and race. 

Green allegedly spoke negatively about the man's dreadlocks and accused him of smoking weed. Additionally, he also allegedly accused the man of "throwing spears in the jungle." And if that isn't awful enough, The Telegraph reported that several employees revealed that Green had shared his concerns about hiring "too many black people."

Maybe this isn't a tragedy so much as karma at work.

Plus, those prices could be pretty steep. And considering Topshop and Topman are both fast-fashion retailers, you have to wonder why their products were often so much more expensive. Considering how competitive and cut-throat the retail industry is these days, consumers will have no problem going elsewhere for a similar (and cheaper) product.

But does this mean what I think it means??

Remember: Although the physical stores are going away for good, designs will continue to be available online. However, those of us near a brick-and-mortar location may be in extra luck because those items are likely to be on major discount. Plus, the retailer is currently promoting its big Memorial Day weekend sale, too.

What would Beyoncé do? Well, might as well make lemonade.