Arcadia has confirmed it will close 31 of its stores by the end of the month as the race to buy its brands out of administration tightens.

The majority of the stores to be shuttered by the embattled fashion retailer belong to its lesser-known Outfit fascia.

The move will cost around 700 jobs, as originally reported by The Times.

The news comes a day after bids for Arcadia’s various brands, including Topshop, Topman, Miss Selfridge and Dorothy Perkins, were reportedly due. 

It is thought that seven bids have been received. 

Frontrunners for Arcadia’s jewel Topshop include Boohoo and Next, which has made a bid with US hedge fund David Kempner, as well as US retailer Authentic Brands. 

Chinese fast fashion etailer Shein has also thrown its hat into the ring.

Australian firm City Chic has already confirmed the purchase of Arcadia’s Evans brand.

Administrator Deloitte is due to present a report to creditors on January 25. It is believed they are working to an end of February deadline.