Online retailer Asos buys Topshop, Topman and Miss Selfridge from failed Arcadia group

manchestereveningnews.co.uk:

direct to your inboxThe online fashion retailer Asos has snapped up the Topshop, Topman, Miss Selfridge and HIIT brands from failed retail group Arcadia.The deal is said to be worth £295m.Sir Philip Green's Arcadia group went into administration at the end of 2020 casting doubt over 13,000 retail jobs and its future on the high street.Asos is acquiring the stock and the brands.However, it is not taking on the high street stores, which will mean most of the retail jobs from the companies in the deal will be lost.It will pay £265m for the brands and £30m for the stock.Chief Executive of Asos, Nick Beighton, said: "We are extremely proud to be the new owners of the Topshop, Topman, Miss Selfridge and HIIT brands."The acquisition of these.