Popular high street fashion chain, Topshop, will be closing in Nottingham after a takeover was agreed.
Online fashion retailer, Asos, confirmed it had sealed the takeover of Topshop and three other brands from the collapse of the Arcadia retail empire for £265 million.
The purchase includes Topshop, Topman, Miss Selfridge and HIIT brands from administrators.
In another blow to the high street, it is believed the move will mean all shops closing permanently as the brands become online only.
Asos told investors on Monday morning (February 1) that it will take on around 300 employees as part of the deal, which will not include any of the brands’ stores.
But there are also reports JD Sports has been in talks to run the shops in a deal with Asos.
In Nottingham, there is a large Topshop store in the Victoria Centre as well as it being one of the brands in the Outfit store at Riverside Retail Park.
Outfit, which is currently located in Unit E at the retail park, is one of 21 nationwide which is also shutting its doors for good as it too is owned by Arcadia.
Administrators for Sir Philip Green’s retail group said Asos has paid an additional £65 million for current and pre-ordered stock in the most recent deal.
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.
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.”
