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TOP NEWS: boohoo Snaps Up Arcadia s Dorothy Perkins, Wallis And Burton
Mon, 8th Feb 2021 08:47
(Alliance News) -Â boohoo Group PLC on Monday said it has agreed to buy the Dorothy Perkins, Wallis and Burton brands out of administration for GBP25.2 million.
The AIM-listed online-only fashion retailer will be buying the e-commerce and digital assets and associated intellectual property rights, including customer data, related business information and inventory of the Burton, Dorothy Perkins and Wallis brands. The deal does not include any stores.
The brands are part of Philip Green s Arcadia Group Ltd, which went under back in November, putting 13,000 jobs at risk. Arcadia s crown jewel, Topshop, was snapped up along with Topman, Miss Selfridge and HIIT by ASOS last week.
Boohoo, Asos look to rescue brands
Bloomberg
Online fashion retailers Boohoo Group PLC and Asos PLC are seeking to rescue ailing UK retail mainstay brands like Debenhams and Topshop, they said yesterday.
Boohoo said it is buying the Debenhams brand for ￡55 million (US$75.4 million), while Asos said it is in exclusive talks with administrators of Philip Green’s Arcadia Group Ltd to buy the UK retailer’s Topshop brand and other labels.
Although the online retailers are seeking to revive stalwarts of the country’s shopping centers, their interest centers on e-commerce and brands such as 240-year-old Debenhams might survive only on the Web. That threatens the positions of thousands of employees after the UK retail industry shed more than 100,000 jobs last year.