Topshop store in London, UK. Shutterstock.
The fate of the prime retail location has been in question since online retailer Asos bought the Topshop brand out of administration in February. The building could fetch as much as £420 million ($582 million), according to The Guardian.
It reflects a wider restructuring on the British high street, after the pandemic accelerated a shift online that already threatened many established brands. Topshop-owner Arcadia collapsed into administration in November and the company’s assets are still being sold off.
Private equity firm Apollo stands to receive the first £312 million generated by any sale of the Oxford Street store, with the Arcadia pension fund next in line, The Guardian reported. The store’s sale was first reported by The Sunday Times.