Fast-fashion giant Boohoo has acquired Dorothy Perkins and two more Arcadia brands for £25million - in a deal that will see 214 stores permanently close and 2,450 jobs axed immediately.
The online retail business will take over Burton, Dorothy Perkins and Wallis, a week after rival Asos saved flagship brand Topshop from collapse.
The business said that it would buy all the e-commerce and digital assets of the three brands, as well as their inventory. However, the deal does not include the brands' retail stores, concessions or franchises, with 214 stores to not reopen after lockdown measures are eased.
Arcadia administrators Deloitte confirmed that around 2,450 staff will lose their jobs with immediate effect. Approximately 260 jobs will be
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