Boohoo has concluded a deal to buy the remaining Arcadia brands that hadn’t been take over by ASOS and City Chic. It’s paying £25.2m to acquire the three “British heritage brands” out of administration.
There's a new frontrunner in the race to buy Topshop, Topman and Miss Selfridge with Asos being suggested as the lead contender on Saturday evening, which could mean the chances of saving any stores are slim.
Activity around the break-up of the Arcadia fashion retail empire is continuing and while the sale of Evans is the only firm development so far, it has emerged that the heavily mortgaged Topshop flagship is up for sale.
Two major pieces of news this week have underlined the challenges facing Australian retail as Amazon makes its official debut and the owner of Australian fashion chains Katies, Millers and Rivers is to close 300 stores.
The Australian apparel retailer on Tuesday said it is uncertain if the takeover offer received by Harrods' Middle Eastern investor Al Afia will go ahead, after posting a 37% gain in first-half profits to $12 million.