Business

Arcadia's Outfit store in Belfast expected to close at end of January

The Outfit store on the Boucher Road was Arcadia's sole outlet in the north.

ARCADIA administrators are to close the failed fashion chain’s Outfit outlet on the Boucher Road in Belfast.

Deloitte confirmed on Tuesday that another 31 stores in the retail group would permanently close at the end of January, with the loss of another 714 jobs.

It’s understood the latest set of cuts at the former Arcadia empire will result in the closure of all 21 of the group's Outfit stores.

Outfit, which was acquired by Arcadia from Sears in 1999, is not a fashion brand itself but sells all of Arcadia's retail brands in out-of-town destinations for shoppers.

Arcadia and Deloitte declined to comment on the closure update.

The move comes a day after the deadline for rescue bids set by administrators at Deloitte.

High street stalwart Next is among retail groups to have placed bids to take control of the retail empire.

Deloitte are expected to receive bids worth more than £200 million in the process, which could be completed by the end of the month.

Next has been touted as one of the most likely victors in the process, with the listed retailer bidding for the group in partnership with US hedge fund Davidson Kempner.

It faces competition from high street rival JD Sports, which has held talks over a joint bid with US retail giant Authentic Brands.

Last month, administrators agreed the sale of Arcadia's plus-sized brand Evans to Australian firm City Chic Collective in a £23m deal.

Meanwhile Superdry yesterday warned there are doubts over its ability to continue as a going concern after further lockdown measures battered its revenues.

The brand currently has three stores in the north, with another six across the border.

Superdry announced an £18.9m pre-tax loss for the half-year to October 24, as the pandemic put its turnaround strategy on hold.

It told investors that risks associated with current uncertainty and the recovery in consumer demand "represent material uncertainty and may cast significant doubt on the group's ability to continue as a going concern".

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