All TopShop stores set to close as Asos completes takeover

Topshop – which has a branch in St James’ Square, Newport – and three other Arcadia retail brands will permanently close stores.

Asos has confirmed a £265 million takeover this morning (Monday).

The online fashion retailer is buying Topshop, Topman, Miss Selfridge and HIIT.

Administrators for Sir Philip Green’s retail group said Asos has paid an additional £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, which 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.

In a desperate year for the UK retail sector Arcadia Group were the biggest high street casualty of the pandemic, after appointing administrators in December, putting 13,000 jobs at risk.

At the time, the company admitted the forced closure of stores as a result of the Covid-19 pandemic has had a “material impact on trading.”

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.

Asos chief executive 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 iconic British brands is a hugely exciting moment for Asos and our customers and will help accelerate our multi-brand platform strategy.

“We have been central to driving their recent growth online and, under our ownership, we will develop them further, using our design, marketing, technology and logistics expertise, and working closely with key strategic retail partners in the UK and around the world.”

Last month, administrators agreed the sale of Arcadia’s plus-sized brand Evans to Australian firm City Chic Collective in a £23 million deal.

Isle of Wight County Press | News