Fashion empire Arcadia is preparing to permanently close its flagship Topshop store in central London.
The company, which owns seven retail chains including Dorothy Perkins and Miss Selfridge, collapsed into administration on November 30 with a mammoth pension deficit.
Administrators to Redcastle Limited, which owns Topshop's 90,000 square foot estate on 214 Oxford Street, have now appointed Eastdil and Savills to explore a sale of the iconic property.
The store remains closed in line with government guidance, with non-essential retailers shut until at least February 22.
Eastdil has been hired to oversee the sale strategy for the building, while Savills will advise on future leasing options.
The majority of the proceeds from the sale will be paid to Apollo, while Arcadia's pension scheme is also likely to be in line for a payment.
Arcadia collapsed into administration in November 2020, placing over 12,000 jobs at risk, with Deloitte now engaged in a search for buyers of its assets.
Last month, Deloitte sold the firm's womenswear brand Evans to City Chic, an Australian fashion retailer.
The company, which specialises in plus-sized fashion exchanged hands on December 23 for £23million.
Evans will continue to trade online, however all five standalone stores and concession outlets will permanently shut, CCL said in a statement.
Topshop is recognised as Arcadia's flagship brand, and is expected to fetch more than £200million from an auction that could conclude as soon as this month.
Last December, fashion retailer Next and Davidson Kempner Capital Management - the US owner of Oak Furnitureland - were revealed to be plotting a joint bid to gain control of Arcadia.
Under the takeover, Next is understood to be interested in Topshop and Topman while Davidson Kempner, which gave a £180million emergency loan to Poundland in 2018 and has previously been linked with a potential rescue of the Peacocks fashion chain, would take on Arcadia’s smaller brands such as Miss Selfridge, Dorothy Perkins, Burton, Evans and Wallis.
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Other parties interested in Arcadia are thought to include Mike Ashley’s Frasers Group, online specialist Boohoo, Marks & Spencer and Authentic Brands, the owner of US department store Barneys.
Primark has also asked for bidders information but is not expected to place a formal offer.
