Asos deal for Arcadia will bring the shutters down on 70 stores – The Times

The boss of Asos has claimed that Topshop and other high street brands in Sir Philip Green’s collapsed empire have been “liberated” after the online retailer announced a £295 million deal to acquire them.

Nick Beighton’s fast-fashion group confirmed that it had bought Topshop, Topman, Miss Selfridge and HIIT from the administrators of Arcadia. Asos will take on only 300 head office staff responsible for buying and design. It will not take over any of the group’s 70 shops, meaning 2,500 jobs could be lost.

“The brands we’ve bought today have been liberated and kept in British hands,” Beighton, the chief executive, said. “We know this customer. We know this market. We have some of the best designers in London, some of the best brands