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Topshop announces it will close all US stores

The closures are part of the British retailer's rescue plan.
Topshop stores
Getty Images
/ Source: TODAY

Farewell, Topshop.

The British retailer will close all 11 of its Topshop and Topman locations in the U.S., according to the BBC.

Topshop has long been a fashion mainstay in the United Kingdom, and the brand only seemed on the upswing when it expanded to the U.S. in 2009.

Topshop stores
It's the end of an era for Topshop in the U.S.Getty Images

A decade later, however, the brand appears to be in serious trouble, not only shutting down all U.S. locations but also 23 stores across the U.K.

This is a “tough but necessary” measure, Ian Grabiner, chief executive of the store’s parent company, Arcadia Group, said in a statement, The Independent reported. “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.”

Topshop stores
The British retailer came to the U.S. in 2009.Getty Images

Topshop and its companion store, Topman, currently have locations in New York, Miami, Houston, Chicago, Los Angeles and other cities across the country. The store closures will affect hundreds of jobs across the U.S. and the U.K., according to the BBC.

In the U.S., Topshop has competed with other fast fashion retailers like Zara and H&M, and the brand has also faced competition from popular online retailers like Asos and Boohoo.

The news of Topshop’s troubles comes on the heels of growing controversy surrounding Arcadia Group’s chairman, Sir Philip Green, who is facing multiple allegations of sexual assault.

As of now, it’s not clear when Topshop and Topman stores will close in the U.S. TODAY Style has reached out to Topshop for comment, and we will update this post if we hear back.