Asos buys Topshop, Topman and Miss Selfridge brands

[Celerity]

20,000 set to lose jobs following collapse of Arcadia and Debenhams

https://www.itv.com/news/2021-02-01/asos-buys-topshop-topman-and-miss-selfridge-brands



Asos has confirmed it has sealed the takeover of Topshop and three other brands from the collapse of the Arcadia retail empire. The online fashion retailer has bought the Topshop, Topman, Miss Selfridge and HIIT brands from administrators for a deal reported to be valued anywhere between £265 million and £330 million.

Administrators for Sir Philip Green’s retail group said the buyer has also paid another £65 million for current and pre-ordered stock. Asos told investors on Monday morning that it will take on around 300 employees as part of the deal, but this will not include any of the brands’ stores.

Arcadia collapsed into insolvency at the start of December after pandemic closures further exacerbated the group’s troubles. Last week, Boohoo said it was in exclusive talks to buy the Dorothy Perkins, Wallis and Burton brands in a move which will also not include any stores.

Asos said its acquisition of the four brands will “resonate” with its core customer base of “20-somethings” in the UK. It said it expects the deal to complete later this week, adding that it will also see £20 million worth of one-off restructuring and transaction costs

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FUCK Sir Philip

Philip Green’s family likely to gain £50m from Topshop sale as creditors get 1%