(Sharecast News) – Next has dropped out of the running to bid for Arcadia’s Topshop over price.
According to Sky News, a consortium comprising Next and US investment firm Davidson Kempner Capital Management has withdrawn from a process being run by Arcadia’s administrator.
Next told Sky in a statement: “Next plc announces that it has withdrawn from the process to acquire any, or all, of the Arcadia Group from the administrator, as our consortium has been unable to meet the price expectations of the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.”
Sky said Chinese online fashion retailer Shein could be in line to buy Topshop for more than £300m.
Arcadia collapsed into administration at the end of last year, putting 13,000 jobs at risk.
