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Next pull out of Arcadia deal

Fashion chain Next has said it will no longer bid to buy Sir Philip Green's Arcadia retail brands Topshop and Topman out of administration.
It comes after a consortium including the fashion chain was named as frontrunner to buy the brands.
In a short statement, Next said the consortium had been "unable to meet the price expectations of the vendor".
Some 13,000 jobs were put at risk when Arcadia, which also owns Burton and Dorothy Perkins, went bust in November.
It leaves a clutch of others in the race to buy the 440-store group, including Mike Ashley's Frasers Group, which owns House of Fraser and Sports Direct.
According to reports, Authentic Brands, the US owner of the Barneys department store, and JD Sports have tabled a joint offer, while online retailers Asos and Boohoo are also said to be interested.
Administrators Deloitte have been looking for buyers for some or all of Arcadia, after a slump in sales caused by the pandemic triggered its collapse.

Next pulls out of race to buy Topshop-brands - BBC News
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