Online fashion retailer ASOS is buying the Topshop, Topman, Miss Selfridge, and HIIT brands from their collapsed parent company, Arcadia Group.
Creditors announced the £330 million sale, which comes out to approximately $578 million CAD, on Monday.
ASOS has agreed to pay £295 million ($516 million CAD) for the brands themselves, and an additional £35 million ($61 million CAD) for their current inventory and committed stock orders.
Roughly 300 employees across the brands’ design, buying, and retail partnerships departments will be transferred to ASOS.
— ASOS (@ASOS) February 1, 2021
However, the deal does not include any of the Topshop, Topman, and Miss Selfridge stores, putting thousands of jobs at risk.
As of February 1, there are about 70 stores between the brands, employing more than 2,000 people.
Arcadia Group went into bankruptcy at the end of November 2020, and is in the processes of selling off its other brands, which include Burton and Dorothy Perkins
The sale is expected to be completed by February 4.
Daily Hive has contacted Hudson’s Bay in regards to its partnership with Topshop and will update this story accordingly.