Leicester-headquartered retailer, Next has withdrawn from the bidding race for TopShop.
Reports from Sky News indicate that a consortium comprising Next and Davidson Kempner Capital Management, a US investment firm, pulled out from a process being run by Arcadia Group’s administrator.
The decision comes after Next and rivals gave final offers for TopShop.
In a statement issued on behalf of Next to Sky News, a spokesperson said: “Next plc announces that it has withdrawn from the process to acquire any, or all, of the Arcadia Group from the administrator, as our consortium has been unable to meet the price expectations of the vendor.
“Next was bidding as part of a joint venture with Davidson Kempner. Next wishes the administrator and future owners well in their endeavours to preserve an important part of the UK retail sector.”
Bidders reported to be remaining include Shein, a Chinese online fashion retailer, Frasers Group, Boohoo, Asos, and Authentic Brands Group, which is working with JD Sports Fashion.
Shein is said to have put forward an offer worth over £300m for TopShop and TopMan.
The collapse of Arcadia has put 13,000 jobs at risk.