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.