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Boohoo has bought collapsed department store group Debenhams for £55m but will shut all remaining stores
Deal confirms Debenhams brand will disappear from high street after 242 years with up to 12,000 job losses
Boss Mahmud Kamani in battle with Amazon as he wants to dominate homeware and beauty as well as clothes
Battle of the billionaires has broken out over who will buy Topshop brand from ruins of Phil Green s empire
ASOS boss Anders Holch Povlsen in poll position to buy up Arcadia businesses after entering exclusive talks
Both Boohoo and ASOS have seen sales jump up during the pandemic after most of Britain s shops closed
Boohoo has bought collapsed department store group Debenhams for £55m but will shut all remaining stores
Deal confirms Debenhams brand will disappear from high street after 242 years with up to 12,000 job losses
Boss Mahmud Kamani in battle with Amazon as he wants to dominate homeware and beauty as well as clothes
His son and PrettyLittleThing founder, Umar Kamani, says the family used to make weekly trips to Debenhams
By Reuters Staff
(Adds Arcadia’s response)
Jan 23 (Reuters) - British online fashion retailer ASOS Plc has emerged as a surprise front-runner to buy the Topshop brand from the administrators of British tycoon Philip Green’s Arcadia Group, Sky News reported on Saturday.
ASOS is in the lead to buy the brand for more than 250 million pounds ($342.10 million), the report said. bit.ly/3990EGm
ASOS and Arcadia declined to comment.
Retailer Next Plc said on Thursday it had pulled out of the bidding as it was unable to meet the price expectations of the collapsed fashion chain.
ASOS is not holding any talks about buying Topshop stores, Sky News said, citing unnamed insiders. But it was also keen to acquire Arcadia’s Miss Selfridge brand alongside Topshop and Topman, Sky said.
Online fashion brand Boohoo is set to buy collapsed department store group Debenhams in a cut-price £50million deal, insiders claim.
The deal would result in the closure of all of Debenhams remaining department stores and is expected to be announced in the next few days - but the retailers are yet to confirm reports.
Debenhams started a liquidation process last month after failing to secure a last-minute rescue sale, putting 12,000 jobs at risk.
Its administrator, FRP Advisory, has been continuing to talk with third parties over the potential sales of all or parts of the historic retail business.
The latest deal would still see all stores close, but the brand would belong to online retail giant Boohoo, The Financial Times reports.