All Topshop, Topman and Miss Selfridge stores will close after online fashion giant Asos brought the brands.
Asos has acquired Topshop, Topman, Miss Selfridge and HIIT from the administrators of Arcadia, two months after its collapse.
But all stores will close, with just 300 jobs saved - reports Mirror Online.
In total, ASOS will pay £295million for the brands, plus a further £30million for all stock.
It will pay an additional £30million to account for any outstaying liabilities and creditor orders.
Approximately 300 employees across design, buying and retail partnerships will transfer to ASOS - but at least 2,500 retail jobs will be lost as a result of the takeover.
The transaction excludes the Topshop, Topman and Miss Selfridge store network which, as at February 1, comprises approximately 70 leasehold sites.
Completion of the transaction is expected on February 4, 2021.
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."
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The transaction follows the sale of Evans to City Chic on December 23 2020 for £23million.
The process to secure new owners for Burton, Dorothy Perkins and Wallis remains ongoing via exclusive discussions with a potential purchaser, administrators said.
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.
