ASOS have acquired Topshop, Topman, Miss Selfridge, and HIIT as administrators continue working to save the Arcadia Group.
Administrators, Deloitte, have announced ASOS will acquire the High Street names in a sale worth approximately £295million for “brands, goodwill and stock on hand” whilst also taking on “certain liabilities”
The sale will allow ASOS to add the famous names and their remaining inventories to its flourishing business and the move will save roughly 300 jobs in “design, buying and retail partnerships”.
Unfortunately this will come as little comfort to the many store workers affected, with this new deal failing to include the 70-strong store network.
The move reflects the changing face of the High Street, that has been accelerated by the pandemic, with many on-the-ground brands losing out to online retailers. The Arcadia Group dropped into administration late last year in the same week as the collapse of household name, Debenhams.
The final sale of the brands should be completed by later this week, raising roughly £330m. Administrators, Deloitte, are still pursuing new owners for Burton, Dorothy Perkins and Wallis, with discussions ongoing with a potential buyer.
Feature image credit – VisitScotland