Topshop Closes All US Stores, Files For Bankruptcy

British fashion retailer Topshop Topman announced Sunday it will close all of its U.S. stores after filing for bankruptcy.

"Against a backdrop of challenging retail headwinds, changing consumer habits and ever-increasing online competition, we have seriously considered all possible strategic options to return the Group to a stable financial platform," Ian Grabiner, the CEO of the Arcadia Group, which owns Topshop said in a statement.

He added that it "was a tough but necessary position for the business."

Topshop currently has 11 stores in the U.S., with the company opening its first location in New York City in 2009. The company believes online shopping outlet Amazon and discount retailers like TJMaxx are reasons that it has struggled in the U.S. market. There are 800 employees at Topshop stores in the U.S., Fox Business reported.

The retailer filed for bankruptcy protection this week in U.S. court, with the firm listing its assets at $53 million and debt at $179 million.

Topshop, which is based in London, has over 500 locations in 58 countries worldwide. The BBC reported last week that Topshop would also close 23 of its stores in the U.K., which would impact 520 jobs.